Asked by
Patel Anand
on Dec 12, 2024Verified
Generally, the elasticity of demand for an energy source in the long run will be
A) approximately equal to its elasticity of demand in the short run.
B) considerably more elastic than in the short run.
C) slightly less elastic than in the short run.
D) considerably less elastic than in the short run.
Elasticity of Demand
Investigating the degree to which demand for a good is affected by its price dynamics.
Energy Source
A point or substance from which energy can be obtained to provide heat, light, power, or other forms of energy.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust all inputs.
- Comprehend the differences in energy consumption in short-run versus long-run scenarios.
Verified Answer
JM
Learning Objectives
- Comprehend the differences in energy consumption in short-run versus long-run scenarios.
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