The long-run demand for oil ______ the short-run demand for oil.
A) is more elastic than
B) is less elastic than
C) is equally elastic to
D) differs in elasticity in an indeterminate direction compared with

Question

Quizplus · Accepted Answer

In the long run, consumers and producers have more time to adjust to price changes, making the demand for oil more elastic compared to the short run.

The Long-Run Demand for Oil ______ the Short-Run Demand for Oil