The change in the quantity demanded of gas because of increasing gas prices over the last decade:
A) was more elastic than it has been in the last six months.
B) was less elastic than it has been in the last six months.
C) has been relatively the same over both time periods.
D) has become a non-issue for people now that they are used to higher gas prices.

Question

Quizplus · Accepted Answer

Over a longer period, consumers have more time to adjust to price changes, making demand more elastic. In the short term, such as the last six months, demand is typically less elastic as consumers have less time to adjust their behavior.

The Change in the Quantity Demanded of Gas Because of Increasing