The long run is distinguished from the short run because only in the long run

Developing countries can be expected to have a comparative advantage in industries requiring a relatively large amount of skilled labor

a. True b. False Indicate whether the statement is true or false

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

a. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. b. About 90 percent of the long-run reduction in quantity demanded arises because people drive less and about 10 percent arises because they switch to more fuel-efficient cars. c. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars. d. Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run.