Solution for QID #482: you expect a shift in supply to have a greater effect on equ | StudyHelpMe

you expect a shift in supply to have a greater effect on equilibrium quantity in the short run or in the long run? Explain your answer. O A greater effect on equilibrium quantity in the long run because the longer the time period, the greater the increase in income and thus demand. O A greater effect on equilibrium quantity in the long run because the longer the time period, the more elastic is the good's demand. O A greater effect on equilibrium quantity in the short run because elasticity is higher the shorter the time period. This would lead consumers to adjust their quantity greatly. O The same effect on equilibrium quantity in the short run and the long run because when analyzing one good, it is predicted that elasticity does not change.