The immediate effect of gasoline price increases in the aftermath of the Persian Gulf crisis in August

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The immediate effect of gasoline price increases in the aftermath of the Persian Gulf crisis in August 1990 on gasoline consumption was not very significant. Would you expect the consumption of gasoline to be more severely affected if these higher prices remained in effect for a year or more? Win or why not?
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Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

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