Use the Figure to Answer the Following Question

question 11

Multiple Choice

Use the figure to answer the following question.

Based on the figure and given the populations of the following countries, which country uses the most oil overall?

• A) United States (population = 320 million)
• B) Canada (population = 36 million)
• C) China (population = 1.33 billion)
• D) Russia (population = 144 million)

Grasp the relationship between price elasticity of demand and market pricing strategies.

Identify the factors influencing price elasticity of demand.

Analyze the impact of changes in consumers' income on the demand for various products.

Assess the economic rationale behind differential pricing strategies based on elasticity of demand.

---

Definitions:

Demand Curve

A visual chart that illustrates the connection between a product or service's price and the amount consumers want to buy over a specific time frame.

Price

Price is the amount of money expected, required, or given in payment for something.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price point, over a specific time period.

Market Prices

The amount of money required to purchase a good or service in a market.