Were the price of gasoline to permanently increase by 10% overnight and stay there for the foreseeable future. Other things constant,
A) the demand for gasoline would fall immediately.
B) the quantity demanded for gasoline would fall immediately.
C) the quantity demanded for gasoline would fall more dramatically over time
D) the quantity demanded for gasoline would remain unchanged, because cars can only be run on gasoline.
C
Economics
You might also like to view...
Name two actions a government could take if it wants to implement a contractionary fiscal policy
What will be an ideal response?
Economics
An increase in the price of pork will lead to
A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve.
Economics