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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 16, Problem 4DQ
Textbook Problem
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Why may an increase in fuel prices lead to more conservation after several years have passed than it does in the months following the price increase? What does your answer imply about the relative sizes of the long-run and short-run elasticity of demand for fuel?

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