No. It's more elastic in the long run than the short run.
Handrugs
In the short run, consumers have fewer options to adjust their purchasing behavior, making demand more sensitive to price changes. In the long run, consumers have more time to find substitutes or adjust their budgets, making demand less elastic.
this was just covered in econ 201 today...people have less time to adapt and find substitute goods in the short-run, but as time passes they are able to find substitutes, making it more elastic.
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
No. It's more elastic in the long run than the short run.
Handrugs
In the short run, consumers have fewer options to adjust their purchasing behavior, making demand more sensitive to price changes. In the long run, consumers have more time to find substitutes or adjust their budgets, making demand less elastic.
this was just covered in econ 201 today...people have less time to adapt and find substitute goods in the short-run, but as time passes they are able to find substitutes, making it more elastic.
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
Natural gas is inelastic in the short term because the amount of natural gas available does not tend to increase with demand. In the long run prices can become more elastic due to the ability to adjust your overall consumption of natural gas to match the supply.
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
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Passenger Airplanes
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
Prices rise, output rises