Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time horizon. a. TRUE b. FALSE

Question

Chemistry

Rachael Norton

15 September, 10:50

Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time horizon. a. TRUE b. FALSE

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Answers (1)

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Stephen · Answer 1

True

Explanation:

The demand and supply of goods and services especially those that are necessities will be influenced by a slight change in price. This is due to the effects of elasticity of demand and supply. Therefore, for the given example (i. e. gasoline), if there is a price change over a considerable period of time, the demand for gasoline will change.