Multiple Choice
If the short-run price elasticity of demand for petroleum is 0.8,which of the following statements is most likely to be true for the long run?
A) The price elasticity of demand will be less than 0.8.
B) The price elasticity of demand will be greater than 0.8.
C) The price elasticity of demand will be 0.8.
D) No generalization can be made about the differences between the short run and the long run.
Correct Answer:
Verified
Correct Answer:
Verified
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