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
+3
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” 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.
Home » Business » 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.