'Assume That the Demand for Entertainment Is More Elastic Than

question 14

Multiple Choice

'Assume that the demand for entertainment is more elastic than the demand for petrol'.According to this statement, a tax levied on petrol will cause the loss of consumer surplus to be:

• A)zero (because raising the price of gasoline has no effect on the amount purchased)
• B)relatively large
• C)relatively small
• D)either small or large (depending on the elasticity of supply)

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Definitions:

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