Question: Just pick an answer no explanation! Multiple Choice If the price elasticity of demand for gas in the short run is 0.3 and the price

Just pick an answer no explanation!

Multiple Choice

If the price elasticity of demand for gas in the short run is 0.3 and the price elasticity of demand for gas in the long run is 1.1, then which of the following is true?

Demand for gas is unit elastic for both.

Demand for gas is elastic in the short run and inelastic in the long run.

Demand for gas is inelastic in the short run and elastic in the long run.

2.Demand is relatively inelastic if ________.

there are numerous suppliers

buyers do not respond much to a change in price

the demand curve is horizontal

3.Josh's two favorite flavors of ice cream are neapolitan and mint chocolate chip. After the price of neapolitan ice cream decreases his consumption of mint chocolate chip decreased. What must be true about Josh's preference for mint chocolate chip ice cream?

Mint chocolate chip is an inferior good.

Mint chocolate chip may be an inferior good or a normal good.

Mint chocolate chip is a normal good.

4.One difference between total utility and marginal utility is that

total utility is more accurate than marginal utility.

total utility is cumulative, and marginal utility is not.

total utility is objective, and marginal utility is not.

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