Question

Demand is more elastic in the long period then in the short period. (True/False?) Give Reason.​

Answer 1

Answer:

True.....

Explanation:

Because, during the short period, full adjustment in demand (to a change in price) may not be possible owing to rigid consumption habits of the consumers.

Answer 2

Required Answer ✅

This statement is true!

Price elasticity of demand is usually lower in the short run, before consumers have much time to react, than in the long run, when they have greater opportunity to find substitute goods. Thus, demand is more price elastic in the long run than in the short run.

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