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elbthwtkns01 elbthwtkns01
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5 years ago
Recall the Application regarding the elasticity of demand for gasoline varying over time to answer the following question(s).


According to the Application, the demand for gasoline is:

▸ inelastic in the long run and in the short run.

▸ less elastic in the long run because consumers have less opportunity to change their behavior.

▸ more elastic in the long run because consumers have time to respond to changes in price.

▸ elastic in the short run.
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
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wrote...
#1
5 years ago
more elastic in the long run because consumers have time to respond to changes in price.
elbthwtkns01 Author
wrote...
#2
5 years ago
Appreciate the effort, thank you!
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