Business, 30.03.2020 23:43 kennieharris726
A study by the National Bureau of Economic Research (NBER) examined the responsiveness of consumers to changes in gasoline prices. The study determined that elasticity of demand for gasoline ranges from 0.21 to 0.75. According to the NBER study, what will happen if a major supplier of oil cuts production, causing the price of gasoline to increase greatly?
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