Question

Would you usually expect elasticity of demand or supply to be higher in the short run or in the long run? Why?

Short answer

Demand is higher in the long run.

Step-by-step solution

Step 1. Definition

The elasticity of demand reflects the change in consumer demand due to the change in the price of the commodity. The elasticity of demand can be influenced due to various factors, including the durability of the good, nature of the good, availability of substitutes etc.

Step 2. Explanation

Because it is easier to change quantity demanded in long run than in short run.