alleryMatch time horizons: 1. Short: p. Inelastic 2. Long: q. Elastic 3. Adapt: r. Choice
A1-p, 2-q, 3-r
B1-p, 2-r, 3-q
C1-q, 2-p, 3-r
D1-r, 2-p, 3-q
Answer & Solution
Correct answer: A. 1-p, 2-q, 3-r
Demand is less elastic in the short run but becomes more elastic over longer periods as consumers find alternatives.
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