Multiple Choice
Holding all other forces constant,when the price of gasoline rises,the number of gallons of gasoline demanded would fall substantially over a ten-year period because
A) buyers tend to be much less sensitive to a change in price when given more time to react.
B) buyers tend to be much more sensitive to a change in price when given more time to react.
C) buyers will have substantially more real income over a ten-year period.
D) the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline.
Correct Answer:

Verified
Correct Answer:
Verified
Q223: An increase in price causes an increase
Q224: If a 10% decrease in price for
Q225: Suppose that gasoline prices increase dramatically this
Q226: Figure 5-3 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 5-3
Q227: Last year,Tess bought 5 handbags when her
Q229: If the price elasticity of demand for
Q230: The price elasticity of demand changes as
Q231: You and your college roommate eat three
Q232: Whether a good is a luxury or
Q233: Figure 5-11 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 5-11