The correct answer is: B. elastic
In the longer period, consumers have more time to adjust their consumption habits. This means that they are more likely to respond to changes in price. For example, if the price of gasoline goes up, consumers may decide to drive less, buy a more fuel-efficient car, or move closer to their work. This is an example of elastic demand.
Inelastic demand occurs when consumers have little or no time to adjust their consumption habits. For example, if the price of insulin goes up, diabetics will still need to buy insulin to survive. This is an example of inelastic demand.
Unit elastic demand occurs when consumers respond to changes in price in such a way that the percentage change in quantity demanded is equal to the percentage change in price. This is a relatively rare occurrence.
It is impossible to know for sure whether demand will be elastic, inelastic, or unit elastic without knowing more about the specific product and the market for that product. However, in general, demand is more likely to be elastic in the longer period than in the shorter period.