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The Recent Reduction in the Price of Oil Has Increased

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The recent reduction in the price of oil has increased the demand for foreign automobiles. Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?


Definitions:

Social Entrepreneurship

Entrepreneurial efforts focused on solving social problems or effecting social change through innovative solutions.

Tolerance For Ambiguity

an individual's capacity to remain comfortable and function effectively in situations that are uncertain, complex, or lack clarity.

Social Entrepreneurs

Entrepreneurs who focus on developing businesses and initiatives that aim to address and solve societal and environmental issues.

Socialistic Economies

Economic systems where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

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