The Price Elasticity of Demand for Gasoline Measures the

question 167

Multiple Choice

The price elasticity of demand for gasoline measures the

• A) responsiveness of gasoline producers to changes in the quality of gasoline.
• B) responsiveness of customers to changes in the price of gasoline.
• C) responsiveness of consumer preferences to changes in the quality of gasoline.
• D) both a and c above.

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Definitions:

Psychological Deficiency

A lack or shortage in psychological wellbeing, possibly related to cognitive, emotional, or social aspects of a person's life.

Need

A requirement necessary for people or organizations to achieve a desired state or outcome.

Satisfaction Deficit

A state where an individual's or group's needs, expectations, or desires are not met, leading to a sense of dissatisfaction.

Theory Y

Assumes people are willing to work, accept responsibility and are self‐directed and creative.