The answer to this question is D. Theprice elasticityof demand is greater the longer the time period under consideration.Price elasticity of demand is a measure of the responsiveness of quantity demanded of a good to a change in its price, other things held constant. Generally, the greater the price elasticity of demand, the more sensitiveconsumersare to changes in the price of the good.A. The larger an item is in one's budget, the greater the price elasticity of demand. This is generally true, as an increase in the price of a good which makes up a large portion of a consumer's budget will result in a larger change in quantity demanded than an increase in the price of a good that makes up a small portion of the consumer's budget.B. The price elasticity of demand is greater fornecessitiesthan it is forluxuries. This is also generally true, as an increase in the price of a good which is necessary for everyday life will result in a larger change in quantity demanded than an increase in the price of a luxury good.C. The larger the number of close substitutes available, the greater will be the price elasticity of demand for a particular product. This is true, as when a consumer has access to a large number of close substitutes, they will be more likely to switch to the substitute if the price of the original good increases.D. The price elasticity of demand is greater the longer the time period under consideration. This is false. The price elasticity of demand generally does not change significantly over time, as long as all other factors remain constant.The answer to this question is DFor more such questions onprice elasticitybrainly.com/question/29615048#SPJ11...

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