“The price elasticity of demand for a particular good is smaller in the long run because consumers adapt to higher prices over time.” Do you agree or disagree? Explain.

Disagree. Price elasticity of demand is related to a particular good rather than all the goods that individuals may consume. In the long run, consumers can find more substitutes. Thus, the price elasticity of demand of a particular good is actually greater in the long run than in the short run.