Asked by
Jenny Esquer
on Dec 11, 2024Verified
Compared to the long run, consumers typically ____ to price changes in the short run.
A) are very responsive
B) are more demand sensitive
C) are less demand sensitive
D) do not respond at all
E) overreact
Demand Sensitive
Reacting to changes in consumer demand, often affecting pricing and production decisions.
- Recognize the difference between short-run and long-run elasticity of demand.
Verified Answer
SA
Learning Objectives
- Recognize the difference between short-run and long-run elasticity of demand.
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