Question

Current increases in the price of gasoline are expected to persist indefinitely.
Based only on this​ information, the long minus run demand for gasoline would be expected to be
A.
relatively inelastic comma as compared to the short minus run demand
.
B.
relatively elastic comma as compared to the short minus run demand
.
C.
unitary
.
D.
There is not enough information to determine anything about elasticity.

Answer 1

B. relatively elastic, as compared to the short-run demand