People respond to incentives

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Reference no: EM131536418

Gas prices in Chicago are currently a bit under $3. Just a few years ago, gas prices were over $4. People respond to incentives. How do you think lower gas prices affect:

(a) Gasoline consumption?

(b) Miles traveled by car?

(c) Public transportation usage?

Explain your answers.

Reference no: EM131536418

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