Question

Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period because___________.

Answer 1

Answer:

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

Explanation:

The options to this question wasn't provided. The full question can be found here: https://www.chegg.com/homework-help/questions-and-answers/32-holding-forces-constant-price-ofgasoline-rises-number-gallons-gasoline-demanded-wouldfa-q532985

Here are the options to the question:

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 

The demand for a good is usually inelastic in the short run considering the time consumers would take to search for an alternative.

When the price of gasoline rises, it is expected that quantity demanded falls but the fall in quantity demanded might take place over a period of time because it would take time for consumers to find suitable alternatives to gasoline.

I hope my answer helps you