Short-run demand for electricity can be quite elastic because consumers can change when they consume electricity
Indicate whether the statement is true or false
F Even with time-of-use pricing, consumers often don't even know the price of electricity and their lack of responsiveness to price changes keeps their demand inelastic.
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What happens when you make a purchase using a credit card?
(A) The money is immediately deducted from your account. (B) The amount of the purchase is deducted from a prepaid account. (C) The credit card issuer pays the store. (D) The place where you made the purchase receives the money within 24 hours.
Why do consumers sometimes take a while to respond to price changes?
(A) Consumers need time to decide whether the good is a luxury or a necessity. (B) Price changes do not affect consumers. (C) Demand sometimes becomes less elastic over time. (D) Consumers cannot find acceptable substitutes immediately.