The Price of Gasoline Rises by 25 Percent and Remains

question 54

Multiple Choice

The price of gasoline rises by 25 percent and remains fixed at the new higher level. Choose the correct statement.

• A)The demand for gasoline will increase after consumers adjust their consumption behaviour to the new higher price.
• B)The demand for gasoline will decrease after consumers adjust their consumption behaviour to the new higher price.
• C)Initially after the price change, the price elasticity of demand will be less elastic than it will be a few years after the price change.
• D)The price elasticity of demand for gasoline will decrease in the future.
• E)Initially after the price change, the price elasticity of demand will be more elastic than it will be a few years after the price change.

Understand the concept of culture and its importance in consumer behavior.

Differentiate between enacted and crescive norms within cultural contexts.

Identify and explain the three components of a cultural system: social structure, ecology, and ideology.

Recognize the influence of culture on product design and marketing strategies.

---

Definitions:

Cephalic Vein

A large vein that runs along the outer side of the arm from the hand to the shoulder, often used for intravenous injections or blood sampling.

External Jugular Vein

A vein located on each side of the neck that drains blood from the head, face, and neck into the subclavian vein.

Transverse Scapular Vein

A vein that drains blood from regions near the scapula and upper shoulder, contributing to venous circulation in that area.

Radial Vein

A vein that accompanies the radial artery and is responsible for draining blood from the lateral aspect of the forearm.