Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 5 - Elasticity: A Measure of Responsiveness - Exercises - 5.1 The Price Elasticity of Demand - Page 121: 1.6

Answer

increases

Work Step by Step

Over time, consumers can respond to sustained higher prices by taking more steps to reduce their demand, such as moving closer to work or buying a more efficient car.
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