3 years ago

Suppose the price of gasoline rises. As time passes, people adjust to the higher price, and the demand for gasoline becomes:

Business

1 answer:

lesya [120]3 years ago

3 0

As time passes, people adjust to the higher price, and the demand for gasoline becomes less elastic.

<h3>What is price elasticity of demand?</h3>

Price elasticity of demand measures how the quantity demanded of a good changes when price changes. Demand is elastic when quantity demanded changes more than the change in price. Demand is less elastic when quantity demanded changes less than the change in price. With the passage of time, demand becomes less elastic.

To learn more about price elasticity of demand, please check: brainly.com/question/18850846

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