Author Question: The short-run price elasticity of demand for refrigerators is relatively inelastic. Indicate ... (Read 45 times)

danielfitts88 · **on:** Jul 1, 2018

The short-run price elasticity of demand for refrigerators is relatively inelastic.

Indicate whether the statement is true or false

Question 2

For all goods, the long run demand curve is always more elastic than the short run demand curve.

Indicate whether the statement is true or false

s.meritte · **Reply #1 on:** Jul 1, 2018

Answer to Question 1

False. People can put off buying a refrigerator in the short run. Therefore demand is elastic in the short run.

Answer to Question 2

False. Goods that can be easily stored may have a more elastic short run demand curve than long run.