Measuring the Price of Gasoline in Dollars Per Quart, an Economist

question 8

Multiple Choice

Measuring the price of gasoline in dollars per quart, an economist calculates the price elasticity of demand to be 1. What would the price elasticity of demand be if the economist had chosen to measure the price in dollars per gallon?

• A) 1
• B) 4
• C) .25
• D) .5

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Definitions:

Drug-seeking Behavior

Actions performed with the intention of obtaining psychoactive substances for abuse or misuse.

Rewarding Effect

The positive reinforcement experienced after a particular action or behavior, making it more likely to occur again due to the pleasurable outcome.

Participant Observation

A qualitative research method where the researcher immerses themselves in a community or group to observe behaviors and interactions from within.

Generalizable

describes findings or concepts that can be applied to broader populations beyond the specific conditions or groups in which they were originally observed or tested.