Recall the Application regarding the elasticity of demand for gasoline varying over time to answer the following question(s).
-Recall the Application.In the short run,consumers have little time to respond to changes in the price of gasoline,and therefore the demand for gasoline is ________ in the short run compared to the long run.
A) more elastic
B) perfectly inelastic
C) unit elastic
D) less elastic

Question

Quizplus · Accepted Answer

In the short run, consumers have limited options for finding alternatives and changing their behavior in response to changes in the price of gasoline. As a result, their demand for gasoline is relatively unresponsive to price changes, making it less elastic than in the long run when consumers have more time to adjust their behavior and find alternatives.

Recall the Application Regarding the Elasticity of Demand for Gasoline