Recall the Application regarding how the price elasticity of demand for gasoline varies over time.Based on the application,in the long run consumers have time respond to changes in price and the demand for gasoline is:
A)more elastic.
B)inelastic.
C)unit elastic.
D)less elastic

Question

Quizplus · Accepted Answer

In the long run, consumers have the opportunity to make adjustments to their behavior and purchase decisions, such as buying a more fuel-efficient vehicle or relocating closer to work. This increased flexibility leads to a greater responsiveness to changes in price, making the demand for gasoline more elastic.

Recall the Application Regarding How the Price Elasticity of Demand