There Are Very Few,if Any,good Substitutes for Motor Oil

question 110

Multiple Choice

There are very few,if any,good substitutes for motor oil.Therefore,

• A) the demand for motor oil would tend to be inelastic.
• B) the demand for motor oil would tend to be elastic.
• C) the demand for motor oil would tend to respond strongly to changes in prices of other goods.
• D) the supply of motor oil would tend to respond strongly to changes in people's tastes for large cars relative to their tastes for small cars.

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Definitions:

Price Gouging

The practice of raising prices on certain goods to an unfair level, especially during a crisis, to exploit consumer demand.

Contradictory Promotions

Marketing strategies or campaigns that present inconsistent or conflicting messages, often leading to consumer confusion or disbelief.

Cognitive

Pertains to the mental processes involved in acquiring knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Humanism

An intellectual movement originating in the Renaissance that emphasized the value and agency of human beings, individually and collectively.