Compared to the short-run demand for oil, the demand for oil in the long run will tend to be elastic.

Question

Social Studies

Hadley Serrano

22 October, 16:11

Compared to the short-run demand for oil, the demand for oil in the long run will tend to be elastic.

+5

Answers (1)

Know the Answer?

Brennen · Answer 1

Compared to the short-run demand for oil, the demand for oil in the long run will tend to be more elastic. In the short run, it's not easy to make substantial changes in energy consumption. In the long run, however, you can purchase a car that gets more miles to the gallon. As a result, the elasticity of demand for energy is somewhat inelastic in the short run but much more elastic in the long run.