Asked by
Kanchan Sitaula
on Nov 17, 2024
Verified
The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five years.
Price Elasticity
An indicator of the sensitivity of the demand for a product to fluctuations in its price.
Gasoline Demand
The total quantity of gasoline that consumers are willing and able to purchase at a given price over a certain period.
- Grasp the difference in demand elasticity over short-term vs. long-term periods.
Verified Answer
AD
Learning Objectives
- Grasp the difference in demand elasticity over short-term vs. long-term periods.
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