Question

Demand tends to be more elastic in the long rung rather than in the short run, because when prices change consumers often need more time to respond and change their shopping habits. So in the short run, demand for fuel may be very inelastic. However, in the long run, the demand for oil may be more price elastic.

Answer 1

Answer:

Demand tends to be more elastic in the long rung rather than in the short run, because when prices change consumers often need more time to respond and change their shopping habits. So in the short run, demand for fuel may be very inelastic. However, in the long run, the demand for oil may be more price elastic.