Editing Elasticity (economics) (section)

==== Time elapsed since price changed ====
If the price of a product is increasing and it has little available substitutes, it is likely that the consumer will still continue to pay this higher price.<ref name=":1" /> The fact that the consumer needs the good in the short-run, means that he is likely to continue this action regardless in the long-run. This shows inelasticity of demand, because even if there is a huge increase of a product's price, there is no reduction of demand. However, if the consumer could not afford the new price of the product, they would likely have to learn to live without it, making the price elastic in the long-run.<ref name=":3" />