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If the price of natural gas rises, the price elasticity of demand is likely to be the highest d. one year after the price increase.

What is the price elasticity of demand?

The price elasticity of demand refers to the percentage change in the quantity demanded of a good or service divided by the percentage change in the price.

The factors that determine the price elasticity of demand include:

  • Availability of substitutes
  • Whether good is a luxury or a necessity
  • The proportion of income spent on the goods
  • Time elapsed since the price increase.

Answer Options:

a. one month after the price increase

b. immediately after the price increase

c. three months after the price increase

d. one year after the price increase.

Thus, if the price of natural gas rises, the price elasticity of demand is likely to be the highest d. one year after the price increase.

Learn more about the price elasticity of demand at https://brainly.com/question/5078326

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