Gene Bawerk, an economics professor, is lecturing on the factors that influence the price elasticity of demand. He makes the following assertions: Statement 1: For most goods, demand is more elastic in the long run than the short run. Statement 2: Demand for a good becomes more elastic when a close substitute for it becomes available on the market. Are Bawerk’s statements correctStatement 1 Statement 2（） ①A. Correct Incorrect ②B. Incorrect Correct ③C. Correct Correct
A. ①
B. ②
C. ③
