The more time gasoline consumers have to adjust to a price change,
A) the lower their price elasticity of demand.
B) the greater their price elasticity of demand.
C) the less sensitive they will be to the price change.
D) the less time they will have to seek out substitutes for gasoline.
B
Economics
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Goods that are very useful and highly desired are likely to be relatively expensive, no matter how scarce or abundant they are
Indicate whether the statement is true or false
Economics
Refer to Scenario 11.1. Suppose all five ranchers know that their land that Mariana needs is worth a total of $2 million. If each rancher agrees to sell his or her parcel of land to Mariana for $500,000, the economic pie will
A) grow by $500,000. B) grow by $1 million. C) grow by $2 million. D) shrink by $500,000.
Economics