If the Prices of Energy Products Rise Sharply, Consumers Will

Multiple Choice

If the prices of energy products rise sharply, consumers will most likely

A) sharply reduce their consumption of these products in both the short run and the long run.
B) reduce their consumption of these products slightly in the short run and more sharply in the long run.
C) reduce their consumption of these products sharply in the short run, but in the long run consumption will fall by only a small amount.
D) increase their consumption of these products slightly in the short run and more sharply in the long run.