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Determining the demand for petrol

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Answer the following questions in 3 pages with example(s) and explanation.

1. Why might you expect the demand for petrol to be more elastic in the long run than the short run? Name, with a brief explanation, two other goods that might share this characteristic. (These ‘other goods' should not be in the general field of fuel or power.)

2. Evaluate the following statement: Toyota faces competition from many other firms in the world market for automobiles; therefore, Toyota cannot have market power.

Reference no: EM131253696

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