If the Price of Automobiles Were to Increase Substantially,the Demand

question 54

Multiple Choice

If the price of automobiles were to increase substantially,the demand curve for gasoline would most likely

• A) shift leftward.
• B) shift rightward.
• C) remain unchanged.
• D) become steeper.

---

Definitions:

Liquidated Damages

A predetermined amount of money that must be paid as compensation for failure to fulfill a contract, serving as a penalty or deterrent against breach.

Mitigate Damages

The legal requirement or effort to minimize the harm or loss suffered as a result of a breach of contract or other wrongdoing.

Non-Disclosure Agreement

A legal contract between at least two parties that outlines confidential material, knowledge, or information that parties wish to share with one another for certain purposes but wish to restrict access to or by third parties.

Proprietary Recipe

A confidential formulation owned by an individual or a company, protected as a trade secret, which gives a unique identity to a product.