Why do consumers sometimes take a while to respond to price changes? - Consumers cannot find acceptable substitutes immediately. - Demand sometimes becomes less elastic over time. - Price changes do not affect consumers. - Consumers need time to decide whether the good is a luxury or a necessity.

Question

Advanced Placement (AP)

Leslie Wood

15 October, 22:10

Why do consumers sometimes take a while to respond to price changes? - Consumers cannot find acceptable substitutes immediately. - Demand sometimes becomes less elastic over time. - Price changes do not affect consumers. - Consumers need time to decide whether the good is a luxury or a necessity.

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Answers (1)

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Shiloh Rollins · Answer 1

Consumers cannot find acceptable substitutes immediately

Explanation:

Consumers need time to find a substitute that meets all the needs/wants and is provided at a lower cost