13. The inelasticity of demand for gasoline in the short run makes no theoretical sense. b. makes sense because there are very few substitutes. makes little sense because there are very few substitutes. is more pronounced in the long run. a. с. d.

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 3PA: Suppose the price elasticity of demand for heating oil is 02. in the short run and 0.7 in the long...
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13. The inelasticity of demand for gasoline in the short run
makes no theoretical sense.
b. makes sense because there are very few substitutes.
makes little sense because there are very few substitutes.
d. is more pronounced in the long run.
a.
c.
Transcribed Image Text:13. The inelasticity of demand for gasoline in the short run makes no theoretical sense. b. makes sense because there are very few substitutes. makes little sense because there are very few substitutes. d. is more pronounced in the long run. a. c.
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