As the time frame shifts from the short run to the long run, what happens to consumers who are subject to a binding price floor

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03-07-2021
Business

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As the time frame shifts from the short run to the long run, what happens to consumers who are subject to a binding price floor

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Nyctalus Nyctalus · Answer 1 · 2021-07-06T23:46:44-04:00

Nyctalus Nyctalus

06-07-2021

Answer:

In simple words, as the frame shifts from short to long run, the costumers who are bidden by the price floor will be more attracted to some substitute good which will further result in more elasticity of the product itself. More elasticity means that the quantity demanded of a product changes to a greater extent in relation to a change in price.

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