Suppose the US demand curve for gasoline shifts rightward, and the U. S. supply curve for gasoline remains unchanged. As a result, the price of gasoline increases by 9 percent, and the equilibrium quantity increases by 3 percent. Which of the following statements is true based on this information? Show Work
A) The price elasticity of demand for gasoline is roughly 0.33.
B) The price elasticity of demand for gasoline is roughly - 3.
C) The price elasticity of supply for gasoline is roughly 0.33.
D) The price elasticity of supply for gasoline is roughly 3.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Suppose the US demand curve for gasoline shifts rightward, and the U. S. supply curve for gasoline remains unchanged. As a result, the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have A. higher production costs and higher profits. B. lower production costs and higher profits. C. higher production costs and lower profits. D.
Answers (2)
Which career worker installs, maintains, and repairs equipment used for communication? Printing Technology Printing Press Operator Electronic Home Entertainment Equipment Installer Journalism and Broadcasting Telecommunications
Answers (1)
Four-month-old baby oscar is a participant in a preferential looking experiment. researchers show oscar two photos, one of which is of his mother's face, and the other which is of a female stranger's face.
Answers (1)
12. Which of the following is an advantage of starting a new business? A. You don't have to compensate for someone else's mistakes. B. You don't have to reinvent the wheel. (wrong) C. You have the security of following in someone else's footsteps. D.
Answers (1)
On July 31 of the current year, Dome Co. issued $1,000,000 of 10%, 15-year bonds at par and used a portion of the proceeds to call its 600 outstanding 11%, $1,000 face value bonds, due in ten years on July 31, at 102.
Answers (1)
New Questions in Business
Henderson's is an all-equity firm that has 135,000 shares of stock outstanding. Neal, the financial vice-president, is considering borrowing $220,000 at 7.25 percent interest to repurchase 20,000 shares.
Answers (1)
What's joint venture?
Answers (1)
Which statement is false? A) Land is the primary factor of production used in the production of all goods and services. B) An entrepreneur combines all the factors of production. C) Growth in the economy shifts the PPC left.
Answers (1)
A short-run phillips curve shows an inverse relationship between
Answers (1)
Which of the following types of business usually has the fastest inventory turnover? furniture store hardware store store that sells consumer electronics grocery store
Answers (2)