Assume the price of gasoline doubles tonight and remains at that price for the next two years.The short-term price elasticity of demand for gasoline will be ______ when compared with the long-term price elasticity of demand for gasoline.
A)more elastic
B)larger in absolute value
C)the same
D)more inelastic

Question

Quizplus · Accepted Answer

When you have little time to seek substitutes,your demand will be less elastic.

Assume the Price of Gasoline Doubles Tonight and Remains at That