The elasticity of demand for gasoline is likely to be relatively low in the short term and higher as the period of time gets longer.

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In the short term, consumers may have limited options for finding alternative modes of transportation or fuel-efficient vehicles, so their demand for gasoline is likely to be relatively inelastic. However, over time, consumers may be able to adjust their behavior and make purchases based on gasoline prices or alternative options, making their demand more elastic.

The Elasticity of Demand for Gasoline Is Likely to Be