Asked by
Thuan Nguyen
on Dec 12, 2024
Verified
If the prices of energy products rise sharply, consumers will most likely
A) sharply reduce their consumption of these products in both the short run and the long run.
B) reduce their consumption of these products slightly in the short run and more sharply in the long run.
C) reduce their consumption of these products sharply in the short run, but in the long run consumption will fall by only a small amount.
D) increase their consumption of these products slightly in the short run and more sharply in the long run.
Energy Products
Energy products refer to commodities used for generating power, such as petroleum, natural gas, coal, and renewable energy sources.
Consumption
The process through which goods and services are used up or utilized.
Short Run
In economics, a period during which at least one input, such as plant size, is fixed and cannot be changed.
- Understand the variations in energy requirements between short-term and long-term periods.
- Determine the consequences of consumer behavior changes in reaction to alterations in resource costs.
Verified Answer
AN
Learning Objectives
- Understand the variations in energy requirements between short-term and long-term periods.
- Determine the consequences of consumer behavior changes in reaction to alterations in resource costs.
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