Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the
A) demand for gasoline is price elastic.
B) demand for gasoline is price inelastic.
C) supply of gasoline is price elastic.
D) supply of gasoline is price inelastic.
D
You might also like to view...
Monopolistic competition is characterized by firms
A. producing differentiated products. B. producing where price equals marginal cost. C. making economic profits in the long run. D. producing at optimal productive efficiency.
The labor force participation rate includes
A) only those employed but looking for a job. B) both employed workers and discouraged workers not seeking jobs. C) both employed workers and those unemployed but seeking employment. D) only those who are employed.
In the 1980s, several ________________ countries experienced inflation rates of thousands of percent per year
a. Asian b. Southern European c. Eastern European d. Latin American e. African
Which of the following shifts short-run, but not long-run aggregate supply to the right?
a. a decrease in the actual rate of inflation b. a decrease in the expected rate of inflation c. a decrease in the capital stock d. a drought in the Midwest agricultural areas.