Studies show that the demand for gasoline is: Oprice inelastic in both the short and long run. Oprice elastic in the short run, but inelastic in the long run. O price elastic in both the short and long run. Oprice inelastic in the short run, but elastic in the long run.

Studies show that the demand for gasoline is: Oprice inelastic in both the short and long run. Oprice elastic in the short run, but inelastic in the long run. O price elastic in both the short and long run. Oprice inelastic in the short run, but elastic in the long run.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.2: The Demand Curve And Elasticity Of Demand

Problem 6R

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Question

Studies show that the demand for gasoline is:
Oprice inelastic in both the short and long run.
Oprice elastic in the short run, but inelastic in the long run.
O price elastic in both the short and long run.
Oprice inelastic in the short run, but elastic in the long run.

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