Which good would you expect to have a greater price elasticity: a gall
Which good would you expect to have a greater price elasticity: a gallon of gasoline sold at a specific gasoline station on Main Street in Phoenix, a gallon of gasoline sold in Phoenix, or a gallon of gasoline sold in Arizona? Why?
What will be an ideal response?
ANSWER
A gallon of gasoline sold at a specific station on Main Street in Phoenix, because there are more substitutes for that good than the others.
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