单选题

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

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

【正确答案】 B

【答案解析】

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