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xz_007 [3.2K]
2 years ago
6

Which of the following statements about the consumers’ responses to rising gasoline prices is correct?a. Because gasoline is a n

ecessity, consumers do not decrease their quantity demanded in either the short run or the long run.b. Consumers react to a 10% increase in price with about a 10% decrease in quantity demanded in both the short run and long run.c. Consumers decrease their quantity demanded more in the short run than in the long run.d. Consumers decrease their quantity demanded more in the long run than in the short run.
Business
1 answer:
s2008m [1.1K]2 years ago
7 0

Answer:

Option (d) is correct.

Explanation:

Gasoline is a normal good for the consumers. So, if there is an increase in the price of gasoline then as a quantity demanded for gasoline decreases.

Also, quantity demanded for gasoline decreases more in long run than in the short run, this is due to the elasticity of the demand curve. As we know that demand curve for gasoline is more elastic in the long run as compared to the short run.

If the demand curve is more elastic then a little change in the price of a commodity or a good tends to large change in the quantity demanded for that good.

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There is not enough information to have a significant answer
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3 years ago
Describe the difference between a fixed-quantity (Q) and a fixed-period (P) inventory systems and provide an example for each.
sergeinik [125]

Answer and Explanation:

The fixed quantity inventory system, the quantity of an order or the lot size is fixed in nature i.e. the similar amount means the quantity is ordered each and every time. It could be managed by continonusly watching the level of inventory. Example - economic order quantity

On the other hand, the fixed period inventory system is a system in which the inventory is to be checked at fixed inventory. It is same as the periodic reveiw system instead of the continuous basis. Example - drugstore

7 0
3 years ago
If the level of incomes rises for high-income workers but doesn't change for low-income workers, then poverty will not change an
Aloiza [94]

If the level of incomes rises for high-income workers but doesn't change for low-income workers, "then poverty will not change and inequality will rise."

<h3>What is poverty?</h3>

Lack of resources to meet necessities like food, clothing, and shelter constitutes poverty. But poverty goes far beyond simply not having enough money.

According to the World Bank, poverty is as follows:

  • Hunger is poverty.
  • Absence of shelter is poverty.
  • Being sick and unable to visit a doctor is poverty.
  • Being illiterate and lacking access to education are both aspects of poverty.
  • Living day by day and not having a job are all signs of poverty.

Some faces of poverty is also-

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  • Most of the time, people desire to get out of poverty.
  • Therefore, poverty is a call to action for both the wealthy and the poor, a call to alter the world so that more people may have access to food, shelter, education, and healthcare, as well as protection from violence and a voice in local affairs.

Therefore, rarely is there a single source of poverty. Some people don't have enough money due to a number of circumstances, including growing living costs, low salary, unemployment, and insufficient social security benefits.

To know more about factors cause poverty in low-income nations, here

brainly.com/question/1985270

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7 0
1 year ago
On January 3, 2019, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basi
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Answer: $1,900

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Theft loss deduction is:

= Fair value -Theft floor limitation - 10% of AGI

= 7,000 - 100 - (10% * 50,000)

= $1,900

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3 years ago
When texting or instant messaging on the job, don't worry about your grammar and spelling because your goal is to send quick, sh
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The answer is option b, that is false.
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2 years ago
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