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Author Question: Were the price of gasoline to permanently increase by 10 overnight and stay there for the ... (Read 30 times)

JMatthes

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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.


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lorealeza77

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


JMatthes

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ttt030911

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

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