Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Exxon gas, Exxon gas at a particular gas station
Gasoline is least elastic, since there are few substitutes for the entire category of this good in the operation of cars. Exxon gas at a particular station is most elastic, since one can substitute other Exxon stations or other brands of gas.
Economics
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Firms in an oligopoly market tend to be ____ and have ____ barriers to entry
a. large (relative to the total market); high. b. large (relative to the total market); low. c. small (relative to the total market); high. d. small (relative to the total market); low.
Economics
When a price fails to reflect all the benefits of a product, too much of it is produced and/or consumed
a. True b. False Indicate whether the statement is true or false
Economics