When consumers face rising gasoline prices, they typically reduce 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. 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.
When consumers face rising gasoline prices, they typically reduce 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. 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.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 9CQ
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Question
Q6
When consumers face rising gasoline prices , they typically
- reduce 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.
- 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.
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