Answered

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Elasticity of demand for buses is 0.7 in the short run and 1.5 in the long run:
A. Demand tends to be less elastic in the short run because there are fewer substitutes. If fares rose enough, in the long run, people could find alternative modes of transportation.
B. These relative elasticities of demand are simply a coincidence; there is no real reason why elasticity should be lower in the short run than in the long run.
C. Demand tends to be less elastic in the short run because there are more substitutes. If fares rose enough, in the short run, people can find alternative modes of transportation.
D. Demand tends to be more elastic in the short run because there are more substitutes. If fares rise enough, in the short run, people can find alternative modes of transportation.

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