The price elasticity of demand increases with the length of the period considered because
A. consumers' incomes will increase over time.
B. the demand curve will shift outward as time passes.
C. consumers will be better able to find substitutes.
D. all prices will increase over time.
Answer: C
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Compared to the world, the rate of U.S. population growth is
A) slower than in the world as a whole. B) about the same as in the world as a whole. C) much faster than in the world as a whole. D) incomparable because U.S. residents are born with a much greater chance of accumulating a lot of human capital. E) incomparable because we do not have accurate world population statistics.
Which of the following owns the largest portion of the U.S. national debt?
A. State and local governments. B. The federal government. C. Foreigners. D. The private sector.