Select from each of these groups the good that is likely to have the highest price elasticity
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Select from each of these groups the good that is likely to have the highest price elasticity of demand:
Group A: Energy, oil, gasoline, Shell gasoline, Bill’s Shell Station gas.
Group B: The gasoline bought by those with long commutes to work;
the gasoline of those with short commutes.
Group C: Gas bought from Joe, who has no competitors; gas bought from Bill, who has many competitors.
Group D: Eyeglasses from Sid’s Glass Emporium in a state that does not permit advertising; eyeglasses from the same store in a state that does permit advertising.
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