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.
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 Other things being equal, the demand for natural gas will tend to be elastic in the long run than in the short run. more 2. Time horizon and elasticity no more nor less The time horizon of the demand curve is one determinant of the priclessd. Other things being equal, the demand for natural gas will tend to be ▼ elastic in the long...
9. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. A good's price elasticity of demand depends in part on how necessary...
5. Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: • The availability of close substitutes • Whether the good is a necessity or a luxury • How broadly you define the market • The time horizon being considered A good with many close substitutes is likely to have relatively __(Elastic, Inelastic)___ demand since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. A...
Consider some determinants of the price elasticity of demand: • Availability of close substitutes • Whether the good is a necessity or a luxury • Whether the good is broadly defined • The proportion of a consumer's budget spent on the good • Time people have to adapt to new price changes A good without any close substitutes is likely to have relatively(elastic or inelastic)demand, because consumers cannot easily switch to a substitute good if the price of the good...
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes . Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises A good's price elasticity of demand depends in part on how necessary...
The price elasticity of demand for crude oil in the U.S. has been estimated to be -0.061 in the short run and -0.453 in the long run. Is demand for crude oil in the U.S. price elastic? Why would the demand for crude oil be more price elastic in the long run than in the short run?
Which of the following is not a determinant of a good’s price elasticity of demand? Select one: a. The slope of the demand curve b. The share of the good in the consumer’s total budget c. Whether the good is a luxury or a necessity d. The passage of time
Which of the following statements about the price elasticity of demand is correct? Demand is more elastic in the long run than it is in the short run. Demand is more elastic the smaller the percentage of the consumer's budget the item takes up. The absolute value of the elasticity of demand ranges from zero to one. The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good
A main determinant of the elasticity of demand for a good is Select one: a. price of complements b. substitutability c. income d. price
Question 28 1 pts Which of the following statements about the price elasticity of demand is correct? Demand is more elastic the smaller the percentage of the consumer's budget the item takes up. Demand is more elastic in the long run than it is in the short run. The absolute value of the elasticity of demand ranges from zero to one. The elasticity of demand for a good in general is equal to the elasticity of demand for a specific...