Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Get detailed and accurate answers to your questions from a community of experts on our comprehensive Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

The time horizon of the demand curve is one determinant of the price elasticity of demand.If the price of gasoline is relatively high for a long time, consumers are more likely to buy fuel-efficient cars or switch to alternatives like public transportation. Therefore, the demand for gasoline is ―――― elastic in the long run than in the short run.

Sagot :

Answer:

more

Explanation:

we know that here Price Elasticity of demand  is express as

Price Elasticity of demand = PercentageChange is quantity demanded ÷ PercentageChange in price    ...........................1

so that, Demand for gasoline is more elastic in the long run than in the short run because in the long run people can change their preferences and choices.

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.