If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

Question

Answer

buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.

Answer

sales revenue in the building industry will fall sharply.

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buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.

Answer

profits will fall by a greater amount in the long run than in the short run.

Crowdly

If the price of steel increases drastically, the quantity of steel demanded by t...

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