What Is the Demand for Petrol in the Short Run

question 96

Multiple Choice

What is the demand for petrol in the short run?

• A)Elastic because people can easily switch to public transportation
• B)Perfectly inelastic because people have no choice but to buy petrol
• C)Unit-elastic because people tend to consume a stable amount of petrol per period
• D)Inelastic because there are no good substitutes for petrol

Develop skills in crafting messages that present bad news or refusals in a way that aims to preserve goodwill and potentially benefit the reader.

Understand the first step in refusing requests and structuring refusal messages.

Identify strategies for delivering negative news effectively.

Recognize the importance of explaining the fairness and reasoning behind negative decisions.

---

Definitions:

Investments

Assets or items that an individual or entity purchases with the expectation that it will generate income or appreciate in value over time.

Moral Hazard

The risk that a party insulated from risk may behave differently than if they were fully exposed to the risk.

Underpricing

Underpricing refers to setting the initial sales price of a new product or service below market value, often used to attract customers quickly.