Final answer:
In the short run, the demand for natural gas is less elastic because consumers cannot make significant changes to their consumption quickly. However, in the long run, demand becomes more elastic as consumers can adapt by employing more substantial and permanent measures to reduce their natural gas usage.
Step-by-step explanation:
The price elasticity of demand for a good is indeed affected by the time frame over which it is measured. When considering the elasticity of demand for natural gas, adjustments consumers make can differ significantly from the short run to the long run. In the short run, changes to consumption patterns are limited due to the immediate nature of demand and the lack of quickly available alternatives. Examples of short-term adjustments might include carpooling or minor thermostat adjustments when energy costs rise.
However, over the long run, consumers have more options to adapt to changes in price. They can make significant lifestyle or technological changes, such as buying more fuel-efficient vehicles, moving closer to work, or investing in energy-efficient appliances. These adjustments increase demand elasticity over time. As a result, all else equal, the demand for natural gas will tend to be less elastic in the short run than in the long run because consumers in the short run have fewer ways to adjust their consumption in response to price changes.