Question

Why do consumers sometimes take a while to respond to price changes? -Consumers cannot find acceptable substitutes immediately. -Demand sometimes becomes less elastic over time. -Price changes do not affect consumers. -Consumers need time to decide whether the good is a luxury or a necessity.

Answer 1

Consumers cannot find acceptable substitutes immediately

Step-by-step explanation:

Consumers need time to find a substitute that meets all the needs/wants and is provided at a lower cost