Why do increased gas prices result in less consumer demand on other goods and services? The demand for gas is elastic O The demand for gas is inelastic The demand for gas is unit elastic
Why do increased gas prices result in less consumer demand on other goods and services? The demand for gas is elastic O The demand for gas is inelastic The demand for gas is unit elastic
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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![Why do increased gas prices result in less consumer
demand on other goods and services?
The demand for gas is elastic
The demand for gas is inelastic
The demand for gas is unit elastic
People like buying gas more than other
goods](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa56f5148-ac69-440f-afc9-0f30fd0c715d%2F52856b53-f361-4a36-8aac-67b44f21cded%2Fi8t76g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Why do increased gas prices result in less consumer
demand on other goods and services?
The demand for gas is elastic
The demand for gas is inelastic
The demand for gas is unit elastic
People like buying gas more than other
goods
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