Multiple Choice
The demand for gasoline is more elastic in the long run than in the short run because
A) other prices are more likely to change in the long run.
B) incomes tend to rise over time.
C) people can buy new cars in the long run.
D) cars have become more expensive over time.
Correct Answer:
Verified
Correct Answer:
Verified
Q38: If the prices of all goods increase
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Q41: If a consumer purchases only two goods
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Q48: Suppose demand can be written as