Why would the demand for crude oil be more price elastic

Reference no: EM131020496

The price elasticity of demand for crude oil in the United States has been estimated to be -0.06 in the short run and -0.45 in the long run. Why would the demand for crude oil be more price elastic in the long run than in the short run? Source: John C. B. Cooper, "Price Elasticity of Demand for Crude Oil: Estimate for 23 Countries," OPEC Review, March 2003, pp. 1-8.

Reference no: EM131020496

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