Which of These Factors Is MOST Likely to Increase the Price

question 54

Multiple Choice

Which of these factors is MOST likely to increase the price elasticity of demand for plug-in electric cars?

• A) decrease in the price of gasoline
• B) significant decrease in the price of plug-in electric cars
• C) reduction in the time needed to make a decision on a car purchase
• D) increase in the number of car companies producing plug-in electric cars

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Definitions:

Altering

The process of making changes or modifications, often referred to in the context of adjusting or tailoring clothes, but can also apply broadly to adjustments in plans or designs.

Building

The act or process of constructing structures such as houses, offices, and factories.

Service Businesses

Service businesses are companies that primarily earn revenue through providing intangible products and services rather than selling physical goods. Examples include consulting firms, restaurants, and cleaning services.

Plumbers

Tradespeople specializing in installing, maintaining, and repairing systems used for water, sewage, and drainage in plumbing systems.