When does a decrease in supply raise the price more: When demand is elastic or when demand is inelastic? When
OPEC decreases the supply of oil, the price of gasoline skyrockets. Hence is the demand for gasoline elastic or inelastic?

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02-12-2022
Business

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When does a decrease in supply raise the price more: When demand is elastic or when demand is inelastic? When
OPEC decreases the supply of oil, the price of gasoline skyrockets. Hence is the demand for gasoline elastic or inelastic?

Sagot :

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