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xz_007 [3.2K]
3 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]3 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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4 0
4 years ago
Which of the following is/are tactics used by interest groups to influence public opinion? Publicizing voting records of members
Shalnov [3]

Answer:

Publicizing Voting Records and Publishing Research.

Explanation:

As they seek to influence the public opinion and not the government in this question, lobbying would be out as it is a tactic to influence congress members directly and not the public. Publishing voting records could be a valid tactic if said vote records were in favor of the group interest. Funding and publishing research is a valid tactic as well because it serves as a platform to get facts and data to the public, influencing its decision (in the scenario a research findings benefits the interest groups vision, obviously).  

3 0
3 years ago
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Marrrta [24]

Answer:

a. True

Explanation:

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Therefore the given statement is true

4 0
3 years ago
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seraphim [82]

Answer

The answer and procedures of the exercise are attached in a microsof excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

Download xlsx
5 0
3 years ago
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dimaraw [331]

Answer:

sole proprietorship

Explanation:

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This is therefore the greatest suitable form of business for the statement of the problem, because in this framework there is really only one proprietor in the corporation who ensures his ultimate responsibility with all earnings, debt obligations and failures underlying in the commercial enterprise.

3 0
3 years ago
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