The demand for gasoline in the short run is
A) elastic because people can easily switch to public transportation.
B) inelastic because there are very few good substitutes for gasoline.
C) perfectly inelastic because people have no choice but to buy gasoline.
D) unit elastic because people tend to consume a stable amount of gasoline per period.
B
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Which of the following is most likely a topic of discussion in a microeconomics course?
a. a decrease in the share of national income paid to the government in taxes b. an increase in the price of lumber used to construct houses c. an increase in the rate of inflation d. an increase in the number of jobless individuals filing unemployment claims
As long as some people anticipate policy, the economic consequences may be the same as if all persons do so
Indicate whether the statement is true or false