Article Link: https://bit.ly/3fbNtrF

Suppose the government implements the proposed policy. Over time, some consumers may respond by choosing to live closer to public transport hubs. If so, this is an example of why:

a. The elasticity of demand is often lower in the long-run than the short-run

b. The elasticity of supply is often lower in the long-run than the short-run

c. The elasticity of demand is often higher in the long-run than the short-run

d. The elasticity of supply is often higher in the long-run than the short-run