The demand for most products is likely to be

A) more elastic in the long run than in the short run.
B) less elastic in the long run than in the short run.
C) equally elastic in the short and long run.
D) equally inelastic in the short and long run.

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.