Question

Other things being equal, the demand for natural gas will tend to _______ elastic in the short run than in the long run.

Answer 1

Demand for natural gas will tend to be more inelastic in the short run and more elastic in the long run because consumers can make more substantial adjustments over time, such as buying energy-efficient appliances or improving home insulation.

Step-by-step explanation:

The elasticity of demand for natural gas is a concept related to how sensitive the quantity demanded is to changes in price. In the context of the short run versus the long run, elasticity tends to behave differently. In the short run, consumers' ability to adjust demand based on price changes is limited due to the immediate necessities and lack of alternatives. Hence, demand is often more inelastic, meaning consumers are less responsive to price changes. Possible short-term adjustments might include minor changes like reducing heating or cooling by adjusting the thermostat.

On the other hand, in the long run, consumers have more time to respond to price changes and can make more substantial adjustments. These could include investing in energy-efficient appliances, improving home insulation, or even moving to a house closer to work to reduce consumption. As such, the demand for natural gas becomes more elastic in the long run, since consumers can more easily find substitutes or change their consumption habits as a reaction to price changes.

Answer 2

the answer to this question is More elastic
A product usually become inelastic if that product does not have any subtitute to fulfill the same function.
In the long run, advancement in technologies will create a way cheaper method in producing energy (such as electric, nuclear, or solar) which will make natural gas become more elastic.