Question
A gas station opened up on a stretch of highway where there are no other gas stations close by. It is more likely to be
A gas station opened up on a stretch of highway where there are no other gas stations close by. It is more likely to be able to set higher prices because
a). The demand for its product is more elastic due to the unavailability of substitutes.
b). The demand for its product is more inelastic due to the unavailability of substitutes.
c). The demand for its product is more inelastic due to the availability of substitutes.
d). The demand for its product is more elastic due to the availability of substitutes.
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The demand for its product is more inelastic due to th...
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Managerial Economics Markets and the Firm
Authors: William Boyes
2nd edition
618988629, 978-0618988624
