The Demand for Gasoline Is More Elastic in the Long

question 43

Multiple Choice

The demand for gasoline is more elastic in the long run than in the short run because

• A)other prices are more likely to change in the long run.
• B)incomes tend to rise over time.
• C)people can buy new cars in the long run.
• D)cars have become more expensive over time.

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Definitions:

Creativity

The ability to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating, and entertaining.

Scatterplot

A type of graph used in statistics to display values for two variables for a set of data, allowing for the observation of relationships or patterns.

Skewed Distribution

A statistical term describing an asymmetry in the frequency distribution of a set of data.

Standard Deviation

Standard deviation is a statistical measure of the dispersion or variability within a set of data points, indicating how spread out the data points are from the mean.