Relative to the Short-Run Demand for Gasoline,the Long-Run Demand for Gasoline

question 30

Multiple Choice

Relative to the short-run demand for gasoline,the long-run demand for gasoline is

• A) probably more elastic since people need time to change automobiles and driving habits.
• B) probably less elastic since people need time to change automobiles and driving habits.
• C) probably more elastic because people can hoard this good.
• D) probably less elastic because people cannot store this good.

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Definitions:

Seconal

A brand name for secobarbital, a barbiturate drug used as a sedative and hypnotic medication.

Morphine

A powerful opiate analgesic drug derived from the opium poppy, used to relieve severe pain.

Narcolepsy

A sleep disorder characterized by uncontrollable episodes of falling asleep during the daytime.

Sleep Terror

A sleep disorder causing feelings of panic or dread, typically occurring during the first hours of stage 3-4 non-REM sleep and often remembered only partially.