Multiple Choice
In September 2012, the average price of gasoline in the United States was $3.91 per gallon, and consumers purchased nearly 5 percent less gasoline than they had during September 2011, when the average price of gasoline was $3.66 per gallon. Based on these figures, from September 2011 to September 2012, the demand for gasoline was
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Q114: Last year, Joan bought 50 pounds of
Q159: The Mass Rapid Transit (MRT) System in
Q160: Suppose the supply of bicycles is price
Q165: An increase in the demand for green
Q167: The price elasticity of the supply of
Q191: Suppose the California Nurses Union successfully secured
Q229: Suppose you are considering buying stock in
Q233: If at a price of $10, a
Q281: The price elasticity of demand for Stork
Q287: Suppose the demand curve for a product