Why may an increase in fuel prices lead to more conservation after several years have passed than

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Why may an increase in fuel prices lead to more conservation after several years have passed than it does in the months following the price increase? What does your answer imply about the relative sizes of the long-run and short-run elasticity of demand for fuel?
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Economics Principles and Policy

ISBN: 978-0538453653

12th edition

Authors: William J. Baumol, Alan S. Blinder

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