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If the price of natural gas rises, the price elasticity of demand is likely to be the highest one year after the price increase.
<h3>What is the price elasticity of demand?</h3>
A measure of a product's consumption shift in response to a price change is called price elasticity of demand. The quantity shift in percentage terms divided by the price change in percentage terms is used to determine the price elasticity of demand.
The price elasticity of demand would probably be at its peak if the price of natural gas increased. Elasticity will be strongest in the long run since consumers would start exploring alternatives as a result of ongoing price increases.
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