Nobel Prize-winning economist Gary Becker corrected President Clinton's elasticity estimate for cigarette smoking by

A. Correcting the president's math.
B. Showing that cigarettes were actually price-elastic.
C. Showing that the demand for cigarettes in the short run was more inelastic than the president calculated.
D. Showing that the long-run response to a price increase in cigarettes was likely to be more elastic than the president had estimated.


Answer: D

Economics

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