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.

---

Definitions:

Medicaid

A government healthcare program in the United States that provides health coverage to eligible low-income adults, children, pregnant women, elderly adults, and people with disabilities.

Social Insurance Program

A government-sponsored program that provides financial assistance to individuals in the form of retirement benefits, disability income, and other social security benefits.

Public Assistance Program

Government programs designed to provide financial aid or services to individuals in need to support their well-being.

Public Assistance Programs

Government programs that pay benefits to those who are unable to earn income (because of permanent disabilities or because they have very low income and dependent children); financed by general tax revenues and viewed as public charity (rather than earned rights).