The demand for oil is inelastic, at least in the short run, because there are few substitutes for oil in its major use, transportation. However, if the price of oil increases by a significant amount for a long period of time, then the demand for oil will become more elastic as substitutes are developed. b.
Ethanol is the active ingredient in alcoholic beverages, but it's also a good fuel that can be made from a variety of crops like corn or sugar cane. Show how each of the following events would affect the market demand and/or supply of ethanol, as well as the resulting effect on the price of ethanol. a.
In 2000, Florida was decided by around only 200 votes, a very rare event, that was only true in Florida, one state out of 50. Further, on those rare occasions when elections are close, a single vote doesn't make a difference (one vote is still far less than 200 votes).