We predict the long-run price elasticity of demand for gasoline to be _____ the short-run price elasticity of demand for it.

A) less than
B) larger than
C) equal to
D) not comparable to

Long-Run Price Elasticity

The measure of responsiveness of quantity demanded or supplied to a change in price over a long period, allowing all inputs to be adjusted.

Short-Run Price Elasticity

A measure of the responsiveness of quantity demanded or supplied to a price change over a short period.

Gasoline

A volatile, flammable liquid used primarily as fuel in internal combustion engines.