Final answer:
Elasticity is usually greater over a long period than a short one because in the long run, consumers and producers can fully adjust to market conditions, leading to more elastic supply and demand.
Step-by-step explanation:
Elasticity is often greater over a longer period than over a short one because consumers and producers have more time to adjust their behaviors and operations. In the short run, elasticity of demand or supply tends to be lower because it can be challenging to make significant changes quickly. For example, in the response to a rise in energy costs, a person might adjust their thermostat settings or carpool, which are relatively minor adjustments. However, in the long run, the same person could make more substantial and permanent changes such as buying a more fuel-efficient car, relocating closer to work, or upgrading to energy-efficient appliances. This indicates that over time, as consumers and producers react to changing market conditions, they exhibit a higher degree of elasticity in their supply and demand decisions.