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The Long-Term elasticity of gasoline is higher than the Short-Term elasticity of gasoline. Why is this...

The Long-Term elasticity of gasoline is higher than the Short-Term elasticity of gasoline. Why is this the case?

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Elasticity is higher in the long term as compared to the short ter. Consumers need some time to adjust their demand, make changes to consumer preferences, make lifestyle changes or find suitable substitutes. This process needs adequate time. This is the reason elasticity is higher in long term as compared to short term.

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