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Higher Gasoline Prices Have Led to a Decrease in the Demand

Question 3

Multiple Choice

Higher gasoline prices have led to a decrease in the demand for large SUVs. Consequently, in the market for SUVs, economists are predicting:


A) an increase in both the price and quantity of sales.
B) a decrease in both the price and quantity of sales.
C) an increase in price and a decrease in the quantity of sales.
D) a decrease in price and an increase in the quantity of sales.

Correct Answer:

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