Gas prices tend to increase quickly, but fall slowly. This could be explained because Select one: a.the
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Question:
Gas prices tend to increase quickly, but fall slowly. This could be explained because
Select one:
a.the lack of substitutes suggests that price should always be low.
b.gasoline's inelasticity means that increasing price leads to higher revenue, but lowering price reduces revenue.
c.gasoline's elasticity means that firms always want to increase price.
d.costs fall slowly as well, so to maintain revenue prices have to fall slowly.
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