Multiple Choice
Assume that the price of gasoline doubles tonight and remains there for the next two years.The price elasticity of demand for gasoline measured tomorrow,when compared with the price elasticity of demand for gasoline measured two years from now,will be
A) more elastic.
B) larger in absolute value.
C) the same.
D) more inelastic.
E) less inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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