To Say That Gasoline Has a Low Price Elasticity of Demand

question 132

Multiple Choice

To say that gasoline has a low price elasticity of demand is to say the quantity demanded of gasoline

• A)has a relatively flat demand curve.
• B)has a horizontal demand curve.
• C)is not sensitive to changes in gasoline prices.
• D)is very sensitive to changes in gasoline prices.
• E)is very sensitive to changes in consumer income.

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Definitions:

Role Play

An educational or training activity in which participants simulate real-life roles or situations to practice and improve their skills.

Learning Outcomes

Specific knowledge, skills, attitudes, and values that learners are expected to achieve from an education or training process.

Free-Flow Nature

Characteristic of a process that allows for flexibility and spontaneity.

Physical Fidelity

The degree to which a simulation or training environment accurately replicates the physical characteristics of a real-world scenario.