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The Price Elasticity of Demand for Gasoline in the Short

question 109

Multiple Choice

The price elasticity of demand for gasoline in the short run has been estimated to be 0.1. If a war in the Middle East causes the price of oil (from which gasoline is made) to increase, how will that affect total expenditures on gasoline in the short run, all other things equal?


Definitions:

Electron Transport Chain

A series of complexes that transfer electrons from electron donors to electron acceptors via redox reactions and couples this electron transfer with the transfer of protons (H+ ions) across a membrane.

Thylakoid Membrane

A membrane-bound compartment inside chloroplasts and cyanobacteria, the site of the light-dependent reactions of photosynthesis.

Stroma

The supportive tissue framework of an organ, gland, or other structure, often consisting of connective tissues and blood vessels.

Thylakoid Compartment

A membrane-bound structure within chloroplasts of plant cells and cyanobacteria, involved in the light-dependent reactions of photosynthesis.

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