Phil's filling station gas station operates on a patch on the highway in a patch where there were no gas stations close by. It enjoyed high profits. After a while, Glen's gas another gas station opened up close by. The profits for the first gas station are likely to decrease because
a. it has to lower prices, since its product is now more price elastic
b. It has to lower prices since its product is now more price inelastic
c. due to the increased availability of substitutes
d. both A&C
d
You might also like to view...
Explain why wage and salary income differs among individuals
What will be an ideal response?
A soil bank program is designed to
a. increase the supply of farm goods b. increase the availability of farm land c. decrease the supply of farm goods d. increase the demand for farm goods e. decrease the price of farm goods
The portion of corporation profits received by shareholders is termed
a. stocks b. bonds c. dividends d. interest e. principal
One of the consequences of preventing wages from falling in the European Union has been growing unemployment
a. True b. False Indicate whether the statement is true or false