Describe the degree of substitutability between gasoline and other Memorial Day trip-related goods and services and sketch a consumer’s preference map that illustrates your description.
with high gas prices, 12% of the people surveyed say that they have cancelled their Memorial Day road trip and 11% will take a trip near home. That may save consumers some money, but it will also likely hurt service stations, which will sell less gas and fewer snacks and hurt roadside hotels, which will have fewer rooms used and serve fewer meals.