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Determinants of Price Elasticity of Demand
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Determinants of Price Elasticity of Demand
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4. Elasticity / Determinants of Price Elasticity of Demand / Problem 5
Problem 5
If the price of gasoline remains high for several years, what long-term changes might consumers make to their demand?
A
Consumers will increase their gasoline consumption.
B
Consumers will continue to buy the same amount of gasoline regardless of price.
C
Consumers may switch to more fuel-efficient vehicles or alternative transportation.
D
Consumers will stop using gasoline entirely.
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