When consumers face rising gasoline prices, they typically
A)reduce their quantity demanded more in the long run than in the short run.
B)reduce their quantity demanded more in the short run than in the long 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.

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust their behavior and find alternatives, leading to a greater reduction in quantity demanded compared to the short run.

When Consumers Face Rising Gasoline Prices, They Typically