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Costa Costa
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Posts: 1009
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6 years ago
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
Textbook 
Microeconomics

Microeconomics


Edition: 2nd
Author:
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6 years ago
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