Multiple Choice
What is the demand for petrol in the short run?
A) Elastic because people can easily switch to public transportation
B) Perfectly inelastic because people have no choice but to buy petrol
C) Unit-elastic because people tend to consume a stable amount of petrol per period
D) Inelastic because there are no good substitutes for petrol
Correct Answer:
Verified
Correct Answer:
Verified
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