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Gasoline and bicycles are substitutes in consumption. Suppose we increase the federal gasoline tax ...

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Gasoline and bicycles are substitutes in consumption. Suppose we increase the federal gasoline tax ...

Gasoline and bicycles are substitutes in consumption. Suppose we increase the federal gasoline tax to $1 per gallon. What are the initial changes that result from the tax as these markets adjust to a new general equilibrium?
A) Gasoline price rises, demand for bicycles shift s leftward.
B) Gasoline price rises, demand for bicycles shifts rightward.
C) Gasoline price rises, move downward along bicycle demand curve.
D) Gasoline price rises, move upward along bicycle demand curve.

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Microeconomics

Edition: 8^th

Author: Pindyck

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corie Author

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Good timing, thanks!

sadiewolf

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Thank you, thank you, thank you!

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Just got PERFECT on my quiz

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