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Author Question: Assume that price of petrol increases by 50% and remains at the new higher level. Which of the ... (Read 22 times)

asd123

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on: May 25, 2020
Assume that price of petrol increases by 50% and remains at the new higher level. Which of the following statements is TRUE?
◦ Demand for petrol will increase after people adjust to the new higher price.
◦ Initially after the price change the price elasticity of demand will be more elastic than it will be a few years after the price change.
◦ Price elasticity of demand for petrol will not be affected by the change in the price of petrol over the long run.
◦ Initially after the price change the price elasticity of demand will be less elastic than it will be a few years after the price change.
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Marked as best answer by asd123 on May 25, 2020

kalskdjl1212

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Reply #1 on: May 25, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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asd123

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Reply 2 on: May 25, 2020
YES! Correct, THANKS for helping me on my review

JaynaD87

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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