in-the-context-of-gasoline-why-is-demand-more-elastic-in-the-long-run-than-in-th

Question

In the context of gasoline, why is demand more elastic in the long run than in the short run?

Accepted Answer

Consumers have more time to find alternatives or change their consumption habits.

Answer

Gasoline prices are more stable in the long run.

Answer

Consumers are less dependent on gasoline in the short run.

Answer

The supply of gasoline increases in the long run.