The Demand for Gasoline Should Be

question 10

Multiple Choice

The demand for gasoline should be

• A)less elastic in the long run than in the short run.
• B)more elastic in the long run than in the short run.
• C)equally elastic in the long run as in the short run.
• D)perfectly inelastic in the long run and perfectly elastic in the short run.
• E)unit elastic in both the long run and the short run.

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Definitions:

African-Americans

A term referring to citizens or residents of the United States who have full or partial ancestry from any of the black racial groups of Africa, highlighting their cultural, historical, and social experiences.

Osceola

was a prominent leader of the Seminole people in Florida, known for his resistance against US forces during the Second Seminole War in the early 19th century.

Tariff of 1828

Known as the "Tariff of Abominations" by its critics, it was a protective tariff passed by Congress to protect industry in the northern United States, which adversely affected the southern economy.

Abomination

Something that causes disgust or hatred, often used in moral or religious contexts.