Problem
1. Discuss some valid and some invalid objections to letting rising prices eliminate shortages of supplies of scarce resources.
2. Why may an increase in fuel prices lead to more conservation after several years have passed than it does in the months following the price increase? What does your answer imply about the relative sizes of the long-run and short-run elasticity of demand for fuel?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.