Suppose that the value of the short-run absolute elasticity of demand for a good is 0.38. Then, we know the long-run absolute price elasticity of demand will be:

a. 0

b. greater than 0.38

c. elastic

d. less than 0.38

b. greater than 0.38

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

If the absolute value of elasticity of demand is less than one, it means demand is inelastic.

Demand is inelastic if a small change in price has little or no effect on quantity demanded.

If the absolute value of elasticity of demand is greater than one, it means demand is elastic.

Demand is elastic if a small change in price has a greater effect on the quantity demanded.

In the short run, demand is usually inelastic because consumers have a short time to find suitable alternatives.

But in the long run demand becomes more elastic because consumers would have more time to find suitable alternatives.

So, in the long run the absolute value of elasticity of demand would be greater than 0.38. this indicates that demand is more elastic than in the short run.

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