If people have more time to adjust to a price change, the price ...

[geoffrey]

If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
 a. increase
  b. decrease
  c. fall to zero
  d. become equal to -1
  e. remain unchanged

Question 2

Which of the following tends to make demand for a good more elastic?
 a. A reduction in the number of substitutes for the good.
  b. Consumers have a long time to adjust to a price change.
  c. The amount spent on the good is a small proportion of the consumer's budget.
  d. The good is broadly defined.
  e. The good is a necessity.

[bulacsom]

Answer to Question 1

A

Answer to Question 2

B

[geoffrey]

Thanks for the timely response, appreciate it

[aliotak]

YES! Correct, THANKS for helping me on my review