If the prices of energy products rise sharply, consumers will most likely
A) sharply reduce their consumption of these products in both the short run and the long run.
B) reduce their consumption of these products slightly in the short run and more sharply in the long run.
C) reduce their consumption of these products sharply in the short run, but in the long run consumption will fall by only a small amount.
D) increase their consumption of these products slightly in the short run and more sharply in the long run.

Question

Quizplus · Accepted Answer

In the short run, consumers may find it difficult to significantly reduce energy consumption due to existing habits and infrastructure, but in the long run, they can make more substantial changes such as adopting energy-efficient technologies or alternative energy sources.

If the Prices of Energy Products Rise Sharply, Consumers Will