If Canadian Consumers Bought More Gasoline in 2007 (When Prices

question 180

Multiple Choice

If Canadian consumers bought more gasoline in 2007 (when prices averaged $1.30 per litre) than they did in 1980 (when prices averaged $0.40 per litre) , does that mean that people buy more gasoline at higher prices?

• A) Yes, because gasoline is a luxury good that consumers willingly purchase-even at higher prices.
• B) Yes, because gas is a necessity that is in short supply. Consumers are always willing to buy more gasoline-even at higher prices.
• C) No, because there is too little information provided about inflation, consumer income and other variables to make an appropriate comparison.
• D) No, because prices cannot be compared over time.

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