Answer:
Gasoline expenses will increase in the short term
Explanation:
Price elasticity of demand is a measure of demand sensitivity in the face of price changes. When elasticity is less than 1, we say that demand is inelastic (little sensitive to price changes). In contrast, when elasticity is greater than 1, we say that demand is elastic (price sensitive).
In this case, gasoline has an inelastic demand in the short term. Thus, price increases can occur without decreasing the quantity demanded. As oil has risen, international costs will be passed on to gasoline. Thus, gasoline expenses will be higher, as the price will be higher and the quantity demanded will be maintained.
Answer:
D) Pillars carved with Buddhish teachings
Explanation:
The intersection between the upward sloping function (the supply curve) and the downward sloping function (the demand curve) is the equilibrium price of the market, the point at which the wishes of consumers and suppliers meet.
The graph described should be like the one attached. The example includes the demand and supply curves and the equilibrium price of a market of agricultural products.
When the economic authorities set a minimum price (also called price floor), above the equilibrium price there is a situation of excess supply.
- Producers are willing to produce a larger quantity in the price floor scenario, as they will earn a higher price per unit commercialized.
- Consumers are willing to consume a smaller amount of product units at a more expensive prices.
The wishes of producers and consumers do not meet in the price floor situation, the quantity supplied is larger than the quantity demanded and therefore there is an excess supply.
Answer: privation
Explanation:
They implemented new taxes and improved tax collection that helped raise revenues. They also restricted the growth of their money supply and made changes in the tax system to encourage investors. Other reforms that were introduced were the privatization of businesses giving people more opportunities to engage in business activities
The sharp inflation following the fall of the Soviet Union was thwarted in Russia through smart reforms which enabled the newly formed russian state to quickly change their economic model to one that is more profitable and isn't subject to such high inflation.
