Gas Prices Rise Pennies at a Time, Triggering Little Change

question 3

Multiple Choice

Gas prices rise pennies at a time, triggering little change to driving habits. However, at some point the price becomes so high that large numbers of people begin to change their behavior. This point is called the

• A)price point.
• B)maximum point.
• C)tipping point.
• D)supply and demand imbalance.

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Definitions:

Friedrich Engels

A German philosopher, social scientist, and journalist, who, alongside Karl Marx, co-developed the communist theory.

Capitalistic Economic System

An economic system where trade and industry are controlled by private owners for profit, rather than by the state.

Private Individuals

Non-governmental persons who engage in economic transactions or investments on their own behalf.

Former Soviet Union

A federal socialist state in Northern Eurasia that existed from 1922 to 1991, comprising multiple subnational Soviet republics.