Answer
increases
Work Step by Step
Over time, consumers can respond to sustained higher prices by taking more steps to reduce their demand, such as moving closer to work or buying a more efficient car.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 5 - Elasticity: A Measure of Responsiveness - Exercises - 5.1 The Price Elasticity of Demand - Page 121: 1.6
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