inelastic
elastic
unit elastic
cannot be known
Answer is Wrong!
Answer is Right!
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,
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