Your Answer:
Although many things happen faster and faster these days, it
still requires an investment of time to discover and obtain substitute goods.
Therefore, if the price of a good rises, consumers will seek out cheaper
substitute goods, and the more time they have to conduct there search, the more
likely it is that they will be able to obtain a cheaper substitute. With
greater time available to search for substitute goods, the more elastic a
demand for any good will be.
Source: Heyne, Boettke, and Prychitko, The Economic Way of
Thinking, 11/e, Pearson
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