Final answer:
The demand for natural gas is more elastic in the long run compared to the short run.
Step-by-step explanation:
Natural gas is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes.
The demand for natural gas will tend to be more elastic in the long run than in the short run. This is because consumers have limited options to adjust their energy consumption in the short run.
They might be able to carpool or adjust the thermostat, but these are relatively minor changes.
However, in the long run, people can make more significant changes such as purchasing cars with better fuel efficiency, relocating closer to work, or investing in energy-efficient appliances and home insulation.
These adaptations can significantly alter demand for natural gas, thereby making it more elastic when people have more time to respond to changes in prices or other market conditions.