During Last Year the Price of Regular Unleaded Gasoline in Oakland,California

question 84

Multiple Choice

During last year the price of regular unleaded gasoline in Oakland,California increased 11.0 percent.If the price elasticity of demand for gasoline was 0.13,the price hike means that the quantity demanded decreased by

• A) 1.43 percent.
• B) 8.46 percent.
• C) 0.16 percent.
• D) 4.31 percent.
• E) 6.46 percent.

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Definitions:

Parasympathetic Nervous

Part of the autonomic nervous system that restores the body to a state of calm and counterbalances the effects of the sympathetic nervous system.

Sympathetic Nervous

Part of the autonomic nervous system that prepares the body for action by triggering the fight-or-flight response.

Nervous System

An assembly of nerve cells and their fibrous connections that facilitate the transmission of nerve impulses among body regions, synchronizing bodily processes and perception.

Cerebral Cortex

The outer layer of the cerebrum in the brain, playing a key role in memory, attention, perception, cognition, awareness, thought, language, and consciousness.