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

question 85

Multiple Choice

During the 1970s, OPEC's 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) income; positive
• C) price; negative
• D) cross; positive
• E) income; negative

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Currency Value

The worth of one currency when compared to another, which can fluctuate due to economic factors.

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