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The time horizon of the demand curve is one determinant of the price elasticity of demand....

The time horizon of the demand curve is one determinant of the price elasticity of demand.

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

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In the long run, people can find different substitutes, adapt to the circumstances and use alternative means. It makes demand to be more elastic in the long run.

Though, in the short run, people do not have choices or alternatives. Hence, their demand is inelastic in the short run.

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