Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time horizon. a. TRUE b. FALSE

Question

asked Sep 8, 2021 161k views

1 Answer

← Prev Question Next Question →

Ask a Question

Xus · Answer 1 · 2021-09-12T19:15:33+0000

Answer:

True

Step-by-step explanation:

The demand and supply of goods and services especially those that are necessities will be influenced by a slight change in price. This is due to the effects of elasticity of demand and supply. Therefore, for the given example (i.e. gasoline), if there is a price change over a considerable period of time, the demand for gasoline will change.

Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time horizon. a. TRUE b. FALSE

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

Please log in or register to add a comment.

Related questions

Categories

Other Questions