单选题

Demand for a good is most likely to be more elastic when:

A、 the good is a necessity.
B、 a lesser proportion of income is spent on the good.
C、 the adjustment to a price change takes a longer time.

【正确答案】 C

【答案解析】

C is correct. The longer the time that has elapsed since a price change, the more elastic demand is. For example, if gas prices rise, consumers cannot quickly change their mode of transportation but will likely do so in the longer run.