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Why Are Things More Elastic In The Long Run?

Short run versus long run: Price elasticity of demandPrice elasticity of demandThe price elasticity of demand (PED) is a measure that captures the responsiveness of a good’s quantity demanded to a change in its price. More specifically, it is the percentage change in quantity demanded in response to a one percent change in price when all other determinants of demand are held constant.https://courses.lumenlearning.com › price-elasticity-of-demandPrice Elasticity of Demand | Boundless Economics – Lumen Learning is usually lower in the short run, before consumers have much time to react, than in the long run, when they have greater opportunity to find substitute goods. Thus, demand is more price elastic in the long run than in the short run

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