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प्रश्न
True or False with Reason:
Demand is more elastic in the long period than in the short period.
चूक किंवा बरोबर
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उत्तर
This statement is true.
Explanation:
- In the short period, consumers find it difficult to change their habits or find substitutes quickly.
- In the long period, consumers can adjust their consumption pattern and switch to substitutes.
- Hence, demand is more elastic in the long period.
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