During the 1970s, OPECʹs Output Restrictions Caused Gasoline Prices to Increase

Multiple Choice

During the 1970s, OPECʹs output restrictions caused gasoline prices to increase sharply. Coincidentally, demand for gas-guzzling cars fell. A likely explanation for these observations is that gasoline and cars had a
Elasticity of demand that was .

A) cross; negative
B) cross; positive
C) income; negative
D) income; positive
E) price; negative