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Suppose the price of gasoline rises

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Suppose the price of gasoline rises by 10% and, as a result, the quantity demanded falls by 5%. Will consumer expenditures on gasoline rise or will they fall?

What would happen to the production possibilities curve if country X developed a new technology that is more efficient to produce both game consoles and trucks? Only game consoles? Only trucks?

Reference no: EM132415192

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