× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
r
4
L
4
3
d
3
M
3
l
3
V
3
s
3
d
3
a
3
g
3
j
3
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
elbthwtkns01 elbthwtkns01
wrote...
Posts: 435
Rep: 0 0
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:
Read 155 times
2 Replies

Related Topics

Replies
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!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1523 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 363
  
 15
  
 200
Your Opinion
How often do you eat-out per week?
Votes: 81
Previous poll results: What percentage of nature vs. nurture dictates human intelligence?