6. When consumers face rising gasoline prices, they typicallyreduce their quantity demanded more in the short run than in the long run.reduce their quantity demanded more in the long run than in the short run.В.do not reduce their quantity demanded in the short run or the long run.increase their quantity demanded in the short run but reduce their quantity demanded in the long run.None of the aboveЕ.ABGDE

As the demand for gasoline is relatively inelastic , therefore the consumers considers it as a…

6. When consumers face rising gasoline prices, they typically A. reduce their quantity demanded more in the short run than in the long run. B. reduce their quantity demanded more in the long run than in the short run. C. do not reduce their quantity demanded in the short run or the long run. D. increase their quantity demanded in the short run but reduce their quantity demanded in the long run. E. None of the above

6. When consumers face rising gasoline prices, they typically A. reduce their quantity demanded more in the short run than in the long run. B. reduce their quantity demanded more in the long run than in the short run. C. do not reduce their quantity demanded in the short run or the long run. D. increase their quantity demanded in the short run but reduce their quantity demanded in the long run. E. None of the above

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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