​Phil's Filling Station Gas Station Operates on a Patch on the Highway

question 59

Multiple Choice

​Phil's filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by.It enjoyed high profits.After a while,Glen's gas another gas station opened up close by.The profits for the first gas station are likely to decrease because

• A)​it has to lower prices,since its product is now more price elastic
• B)It has to lower prices since its product is now more price inelastic
• C)due to the increased availability of substitutes
• D)​both A&C

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Definitions:

Impulses

Sudden, involuntary inclinations to act or respond to something without conscious thought.

Guilt

A feeling of responsibility or remorse for some offense, crime, wrong, whether real or imagined.

Antisocial

Behaviors that go against social norms and can harm or lack consideration for the well-being of others.

Hurtful Behavior

Actions or words that cause distress or pain to another person, whether intentional or unintentional.