The price elasticity of demand for gasoline measures the
a. responsiveness of gasoline producers to changes in the quality of gasoline.
b. responsiveness of customers to changes in the price of gasoline.
c. responsiveness of consumer preferences to changes in the quality of gasoline.
d. both a and c above.
B
Economics
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Which of the following adjusts to bring aggregate demand and aggregate supply into balance?
a) the price level but not the quantity of output b) the quantity of output but not the price level c) both the price level and the quantity of output d) variables other than the price level and the quantity of output
Economics
In long-run equilibrium, a monopolistically competitive firm's demand curve will be tangent to its average cost curve
a. True b. False Indicate whether the statement is true or false
Economics