Multiple Choice
A gas station opened up on the highway in a patch where there are no gas stations close by.It is more likely to be able to set higher prices because
A) the demand for its product is more inelastic due to an unavailability of substitutes
B) the demand for its product is more elastic due to an unavailability of substitutes
C) the demand for its product is more inelastic due to an availability of substitutes
D) the demand for its product is more elastic due to an availability of substitutes
Correct Answer:
Verified
Correct Answer:
Verified
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