Suppose you have one hour to catch a flight to Miami for spring break.It takes 45 minutes to drive to the airport.Your car is almost out of gas;the price of gas at the closest gas station is higher than at the one on the other side of the town.To you,the price elasticity of demand for gas is likely to be ______ than it would be if you had several hours before the flight.
A)higher
B)more inelastic
C)more elastic
D)no different

Question

Quizplus · Accepted Answer

When you have little time to seek substitutes,your demand will be less elastic.

Suppose You Have One Hour to Catch a Flight to Miami