This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Were the price of gasoline to permanently increase by 10 overnight and stay there for the ... (Read 76 times)

JMatthes

  • Hero Member
  • *****
  • Posts: 578
on: Jun 29, 2018
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.

Question 2

Will a large increase in the demand for a good cause a large increase in its price?
 
  A) No; an increased demand is associated with lower prices.
  B) Not if the demand for the good is highly elastic.
  C) Not if the demand for the good is highly inelastic.
  D) Not if the supply of the good is highly elastic.
  E) Not if the supply of the good is highly inelastic.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lorealeza77

  • Sr. Member
  • ****
  • Posts: 356
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


JMatthes

  • Member
  • Posts: 578
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

lkanara2

  • Member
  • Posts: 329
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Mean scores for Erikson’s stage V (Identity) for two cohorts. Scores for both cohorts increase ... Mean scores for Erikson’s stage V (Identity) for two cohorts. Scores for both cohorts increase ...
Enterohepatic recirculation of a drug can increase its half-life in the body and prolong its ... Enterohepatic recirculation of a drug can increase its half-life in the body and prolong its ...
Effect of an Increase in R&D in the Follower Country on the Steady State Effect of an Increase in R&D in the Follower Country on the Steady State
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
A 230.0-mL sample of a 0.275 M solution is left on a hot plate overnight; the following morning ... A 230.0-mL sample of a 0.275 M solution is left on a hot plate overnight; the following morning ...
A melting profile shows the increase in UV absorption versus temperature A melting profile shows the increase in UV absorption versus temperature
Video: Hemoglobin's affinity with oxygen - carbon dioxide, temperature and bisphosphoglycerate (BPG)

For a complete list of videos, visit our video library