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pls answer all 4
QUESTION 1 A gas station opened up on stretch of highway where there are no other gas stations close by. It is more likely to
QUESTION 3 For substitutes, cross price elasticity of demand is: a between zero and one only b.zero. c. Positive d. Negative
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Answer #1

a) The GAS station will be able to set a higher price in the market because there is no close substitutes in the market. The answer is "B".

b) "B"

these good are complement to the Gas and they are inelastic, so a higher price can be set. the answer is "B".

c) "C"

For substitutes the cross price elasticity is positive because as the price of the other goods increase the demand for the substitute increases.

d) "D"

All of the given statements in the options are true for a strategy.

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