Business, 04.01.2020 05:31 rae766

Which of the following statements about the consumers’ responses to rising gasoline prices is correct?

a. about 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars.
b. about 90 percent of the long-run reduction in quantity demanded arises because people drive less and about 10 percent arises because they switch to more fuel-efficient cars
.c. about half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars.
d. because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run

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Which of the following statements about the consumers’ responses to rising gasoline prices is correc...

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