According to the law of demand, when the price of gas rises, Question 26 options:
A. people will drive more.
B. oil refining companies record financial losses.
C. car sales increase.
D. people decrease the quantity of gas demanded, perhaps by driving less.
D. people decrease the quantity of gas demanded, perhaps by driving less.
Economics
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Refer to Figure 3-5. At a price of $20
A) there would be a surplus of 8 units. B) there would be a shortage of 4 units. C) there would be a surplus of 0 units. D) there would be a shortage of 8 units.
Economics
If a firm is price differentiating, then it is
A) producing a homogeneous product. B) charging different prices to different consumers based on differences in marginal costs. C) charging different prices based on quality. D) charging different prices based on advertising costs.
Economics