Which of the following is true about the demand for gasoline?
A) It is probably more price elastic in the long run because price will increase by a higher percentage.
B) It is probably more price elastic in the long run because it is easier to find substitutes for gasoline in the long run.
C) It is probably more price elastic in the short run because price will increase by a higher percentage.
D) It is probably more price elastic in the short run because it is easier to find substitutes for gasoline in the short run.
B
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How is the impact of expansionary monetary policy different in an open economy than in a closed economy?
What will be an ideal response?
A noncooperative game is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.