The Demand for Gasoline Should Be

question 10

Multiple Choice

The demand for gasoline should be

• A)less elastic in the long run than in the short run.
• B)more elastic in the long run than in the short run.
• C)equally elastic in the long run as in the short run.
• D)perfectly inelastic in the long run and perfectly elastic in the short run.
• E)unit elastic in both the long run and the short run.

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Definitions:

Hot Dog

A cooked sausage, traditionally grilled or steamed, served in a sliced bun as a sandwich.

Monthly Income

The total amount of money earned or received by an individual or household within a month from all sources.

Hamburger

A popular food item consisting of a cooked patty, usually of ground beef, placed inside a sliced bread roll or bun, often served with various accompaniments and condiments.

Price

The amount of money that must be paid to obtain a given product or service.