Compared to the short-run demand for oil, the demand for oil in the long run will tend to be?

graph, diagram, recession @ Pixabay

In economics, the long-run demand curve is a graph that shows how much of a good or service people will be willing to consume at any given price. The short run corresponds to the period when all inputs used in production are variable and can be changed quickly.

In contrast, with the long-run input prices are fixed so they cannot be readily changed like they can in the short run. It is because of this difference in time periods that there is such a thing as an “apparent” inverse relationship between quantity demanded and price: higher prices mean lower quantity demanded for most goods (although not always).

The long-run demand curve for a good or service is usually downward sloping, meaning that at higher prices people are willing to buy less of the product. This happens because when input prices and fixed during this time period (long run), firms will make smaller profits and so will be able to sell fewer units.

Therefore, as price increases quantity demanded decreases from left to right on the graph. The opposite holds true in the short run: there is an upward slope with lower quantities being purchased at low prices relative to high ones. For example, imagine if you had a $100 bill in your hand – how many ice cream cones would you purchase? If it’s summertime now but wintertime next week then even though it costs


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