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Title: What effect is a three-cent-per-litre increase in the price of gasoline likely to have? Post by: Costa on Jan 7, 2018 What effect is a three-cent-per-litre increase in the price of gasoline likely to have?
A) A noticeable reduction in quantity demanded as the demand for gasoline is highly elastic B) No significant reduction in quantity demanded as a result of the price increase because demand for gasoline is perfectly elastic C) No significant reduction in quantity demanded as a result of the price increase because substitution possibilities are limited D) A significant reduction in quantity demanded as there are many substitutes for gasoline Title: Re: What effect is a three-cent-per-litre increase in the price of gasoline likely to have? Post by: yameth on Jan 7, 2018 C
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