Which of the Following Statements About the Consumers' Responses to Rising

Multiple Choice

Which of the following statements about the consumers' responses to rising gasoline prices is correct?

A) Because gasoline is a necessity,consumers do not decrease their quantity demanded in either the short run or the long run.
B) Consumers react to a 10% increase in price with about a 10% decrease in quantity demanded in both the short run and long run.
C) Consumers decrease their quantity demanded more in the short run than in the long run.
D) Consumers decrease their quantity demanded more in the long run than in the short run.