An Adjustment in the Price of Gasoline by an Oil

question 23

Multiple Choice

An adjustment in the price of gasoline by an oil company in response to an excise tax increase is a(n) :

• A)incremental change.
• B)nonreversible change.
• C)strategic change.
• D)transactional change.

---

Definitions:

European Union

A political and economic union of 27 European countries that participate in a single market allowing free movement of goods, services, and people.

Trade Barriers

Trade Barriers are government-imposed policies or regulations that restrict international trade, often to protect domestic industries from foreign competition.

Foreign Competition

The presence of competitors from other countries in a domestic market.

Tariffs

Taxes that a government places on imported goods, often to protect domestic industries or to raise revenue.