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

In short run the demand is more elastic and supply is more elastic in long run.

Step-by-step solution

Step 1. Introduction:

The elasticity of demand and supply is majorly influenced by the time period of the production process.

Step 2. Explanation:

Because it takes time to adjust output to supply extra or less of a commodity, demand is likely to be highly elastic in the short run. Supply, on the other hand, is anticipated to be highly elastic, as sellers have an almost limitless capability to modify supply in response to price changes.