In the short run, the demand for gasoline today is
A)unit elastic.
B)very inelastic.
C)very elastic.

Question

Quizplus · Accepted Answer

In the short run, the demand for gasoline is typically very inelastic because people still need to travel to work, school, and other essential destinations despite changes in prices. In the short run, there are few reasonable substitutes for gasoline, so even if the price goes up significantly, demand will not change much.

In the Short Run, the Demand for Gasoline Today Is