Multiple Choice
The price of gasoline rises by 33 percent to $3.50 a gallon and stays at that price for the next two years. The quantity of gasoline demanded two years from now will be
A) the same as one month after the price hike.
B) greater than one month after the price hike.
C) less than one month after the price hike.
D) the same as it would be if the price hike had never occurred.
Correct Answer:
Verified
Correct Answer:
Verified
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