Question

32. Holding all other forces constant, when the price ofgasoline rises, the number of gallons of gasoline demanded wouldfall substantially over a ten-year period because
a. buyers tend to be much less sensitive to a change in pricewhen given more time to react.
b. buyers tend to be much more sensitive to a change in pricewhen given more time to react.
c. buyers will have substantially more income over a ten-yearperiod.
d. the quantity supplied of gasoline increases very little inresponse to an increase in the price of gasoline.

Answer 1

Answer:

buyers tend to be much less sensitive to a change in price when given more time to react.