
After hurricane Katrina, gasoline prices around the country increased dramatically. Demand did not decrease much primarily because
A) there are very few substitutes for the product.
B) the cost of the product is a relatively small percentage of one's income.
C) there is a long time period under consideration.
D) the product is considered a luxury.
E) there is a small amount of this product.
Correct Answer:
Verified
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