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4. Elasticity
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Problem 1
Problem 2
Problem 3
Problem 4
Problem 5
Problem 6
Problem 7
Problem 8
Problem 9
Problem 10
Problem 11
Problem 12
Problem 13
Problem 14
Problem 15
4. Elasticity
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4. Elasticity / Determinants of Price Elasticity of Demand / Problem 6
Problem 6
Which of the following scenarios best illustrates the concept of long-run elasticity of demand?
A
Consumers immediately reducing gasoline consumption after a price increase.
B
A temporary decrease in demand for ice cream during a cold week.
C
Consumers switching to electric cars over several years due to rising gasoline prices.
D
A sudden increase in demand for umbrellas during a rainstorm.
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