Question

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

Answer 1

Answer:

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.