A subway ride is than a car because a. more price elastic: it is a smaller part of one's income. b. less price elastic; it is a smaller part of one's income. c. less price elastic; people will have a shorter time to adjust to the change in its price. d. more price elastic: people will have a longer time to adjust to the change in its price.
A subway ride is than a car because a. more price elastic: it is a smaller part of one's income. b. less price elastic; it is a smaller part of one's income. c. less price elastic; people will have a shorter time to adjust to the change in its price. d. more price elastic: people will have a longer time to adjust to the change in its price.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 28CTQ: Would you expect supply to play a more significant role in determining the price of a basic...
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