Answer:
The correct answer is C. Substitution.
When gasoline prices remain high for an extended period, people tend to explore alternative options to reduce their fuel expenses. One such option is telecommuting, which involves working from home or remotely instead of commuting to the office. This shift in behavior is an example of substitution.
In economics, substitution refers to the ability of consumers to replace one good or service with another when prices change. In this case, individuals are substituting the traditional practice of commuting to work with telecommuting as a way to cope with high gasoline prices. By doing so, they can reduce or eliminate the need for daily transportation, thereby saving money on fuel costs.
This example illustrates the elasticity of substitution, as it demonstrates how consumer behavior can adapt and change in response to changes in relative prices.
Explanation:
