​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:

Alienation

A condition in social relationships reflected by a low degree of integration or common values and a high degree of distance or isolation between individuals, or between an individual and a group.

Isolation

The process or fact of isolating or being isolated, often referring to separating a person, group, or function to prevent the spread of information or disease.

Cross-Cultural Training

Cross-Cultural Training involves educating individuals or employees about different cultures, customs, and norms to improve interactions and effectiveness in a globalized business environment.

Self-Adjustment

The ability of an individual or system to modify or adapt its own operations in response to internal or external changes without explicit external guidance.