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Gene Bawerk, an economics professor, is lecturing on the factors that influence the price elasticity of demand. He makes the following assertions:
Statement 1: For most goods, demand is more elastic in the long run than the short run. Statement 2: Demand for a good becomes more elastic when a close substitute for it becomes available on the market.With respect to Bawerk’s statements: A. only statement 1 is correct. B. only statement 2 is correct. C. both are correct. |