A slowdown in the production of oil causes the supply of gasoline to shift leftw

Question

A slowdown in the production of oil causes the supply of gasoline to shift leftward. If we observe very little reduction in quantity demanded following the increase in the price of gasoline, we can best conclude that the demand for gasoline is: elastic, so this is probably a long-term reaction on the part of consumers. inelastic, so this is probably a long-term reaction on the part of consumers. elastic, so this is probably a short-term reaction on the part of consumers. inelastic, so this is probably a short-term reaction on the part of consumers. Technological improvements that lower the cost of manufacturing video games will cause: an increase in the demand for video games, resulting in a higher price and higher quantity. an increase in the supply of video games, resulting in a lower price and lower quantity.

Explanation / Answer

Question 32: If we observe very little reduction in quantity demanded following the increase in the price of gasoline, we can best conclude that the demand for gasoline is:

** Inelastic, so this is probably a long-term reaction on the part of the consumers.

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