Suppose Gas Prices Have Steadily Increased Over the Last Decade

question 84

Multiple Choice

Suppose gas prices have steadily increased over the last decade. We would expect the price elasticity of demand for gas, when measured over the last decade, to:

• A) be more elastic than it has been in the last six months.
• B) be less elastic than it has been in the last six months.
• C) be relatively the same as the last six months.
• D) no longer be an issue because consumers are used to higher gas prices.

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