In the short run,the demand for gasoline today is
A)unit elastic.
B)very inelastic.
C)very elastic.

Question

Quizplus · Accepted Answer

In the short run, it can be assumed that consumers cannot easily adjust their consumption of gasoline. This means that even if the price of gasoline increases, consumers will still have to purchase a similar amount of gasoline for their daily needs such as commuting or running errands. Therefore, the demand for gasoline today is very inelastic, as consumers will still continue to purchase a similar quantity of gasoline regardless of changes in price.

In the Short Run,the Demand for Gasoline Today Is