Refining Gasoline for Our Cars Requires a Very Specialized Resource

question 169

Multiple Choice

Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the

• A) demand for gasoline is price elastic.
• B) demand for gasoline is price inelastic.
• C) supply of gasoline is price elastic.
• D) supply of gasoline is price inelastic.

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Definitions:

Corporate Stocks

Equity securities that represent ownership shares in a corporation, entitling holders to a share of the corporation's profits through dividends.

Implied Title

A legal concept indicating ownership rights that are not documented but assumed through one's actions or circumstances.

Sale-On-Approval Contract

A contract in which the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.

Uniform Commercial Code

An all-encompassing group of laws that regulate every aspect of commercial exchanges within the United States.