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Price elasticity of demand for diesel fuel

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There are more than 168,000 interstate motor carriers with more than 2 million trucks in the U.S., according to the American Trucking Associations, an industry group. Does the large number of carriers necessarily indicate that the industry is perfectly competitive?

What might you infer about the price elasticity of demand for diesel fuel in the short run? In the long run?

Reference no: EM131433776

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