Which of the following is true about the demand for gasoline?
A) It is probably more price elastic in the long run because price will increase by a higher percentage.
B) It is probably more price elastic in the long run because it is easier to find substitutes for gasoline in the long run.
C) It is probably more price elastic in the short run because price will increase by a higher percentage.
D) It is probably more price elastic in the short run because it is easier to find substitutes for gasoline in the short run.
Correct Answer:
Verified
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