Final answer:
Demand for natural gas is more inelastic in the short run due to limited alternatives or adjustments that can be made quickly but becomes more elastic in the long run as consumers have more time to adapt to price changes.
Step-by-step explanation:
The elasticity of demand for natural gas and other products tends to change depending on the time frame being considered. In the short run, consumers and businesses have limited ability to find substitutions or adjust their consumption in response to price changes. This results in inelastic demand, where quantity demanded doesn't change much with price changes. In contrast, the long run allows for more flexibility. Consumers can make significant changes such as upgrading to energy-efficient appliances, moving closer to work, or renovating homes for better energy conservation. These adjustments lead to more elastic demand as people can more easily respond to price changes over time. Therefore, it's true that demand for natural gas is more inelastic in the short run and becomes more elastic in the long run.