Question: Which is the most accurate statement? ( LO7 , 5 ) a) The demand for gasoline is very elastic. b) The demand for home heating

Which is the most accurate statement? ( LO7 , 5 )

a) The demand for gasoline is very elastic.

b) The demand for home heating oil is very inelastic.

c) The seller of a perishable commodity has a relatively elastic supply.

d) Most fi rms can double their output in the short run.

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