In the long run, both supply and demand tend to become more elastic. This suggests that, in the long run, the:

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Laci Hogan

Social Studies

24 September, 14:11

In the long run, both supply and demand tend to become more elastic. This suggests that, in the long run, the:

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Elian Brennan · Answer 1

This suggests that in the long run a consumer becomes knowledgeable its of alternatives therefore a supplier is enabled to match its productions levels, as a variable voiding short-term constraints, to fling price elasticity leading to a higher demand elasticity, calculated as the percent change in the quantity demanded divided by a percent change in another economic variable as the price.

Explanation:

Price elasticity measures the supply or demand of a product changes referred to a proposed change in price.

Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price.