The price elasticity of demand for crude oil in the United States has been estimated to be

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The price elasticity of demand for crude oil in the United States has been estimated to be 20.06 in the short run and 20.45 in the long run. Why would the demand for crude oil be more price elastic in the long run than in the short run?

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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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Question Posted: Nov 01, 2017 06:54 AM

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The price elasticity of demand for crude oil in the United States has been estimated to be

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