For electricity, natural gas, or other forms of energy, it is very likely that the price elasticity of demand
A) is infinite.
B) is zero.
C) will decrease in magnitude as more time passes after a price change.
D) will increase in magnitude as more time passes after a price change.

Question

Quizplus · Accepted Answer

The price elasticity of demand for energy tends to increase over time after a price change because consumers and businesses have more time to adjust their usage patterns, find alternatives, or implement energy-saving measures.

For Electricity, Natural Gas, or Other Forms of Energy, It