Multiple Choice
The price elasticity of demand for gasoline tends to be rather inelastic as:
A) there are many available substitutes.
B) it takes up a large part of a consumer's budget.
C) we are in the long run instead of the short run.
D) there are few or no available substitutes.
Correct Answer:
Verified
Correct Answer:
Verified
Q92: The long-run price elasticity of supply of
Q93: If a good (like most fruit) has
Q94: Because of declining stocks in the Caspian
Q95: The price of gluten-free buns falls by
Q96: The elasticity of demand measures the responsiveness
Q98: (Figure: Market for Movie Tickets) The figure
Q99: You are given some data for four
Q100: (Figure: Demand Curves) The figure shows four
Q101: Price elasticity of demand is calculated by
Q102: North Carolina State University recently raised its