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Assume that price of petrol increases by 50% and remains at the new higher level. Which of the ...

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Assume that price of petrol increases by 50% and remains at the new higher level. Which of the ...

Assume that price of petrol increases by 50% and remains at the new higher level. Which of the following statements is TRUE?

▸ Demand for petrol will increase after people adjust to the new higher price.

▸ Initially after the price change the price elasticity of demand will be more elastic than it will be a few years after the price change.

▸ Price elasticity of demand for petrol will not be affected by the change in the price of petrol over the long run.

▸ Initially after the price change the price elasticity of demand will be less elastic than it will be a few years after the price change.

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Essential Economics for Business

Edition: 5^th

Authors: Sloman, Jones

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More solutions for this book are available here

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