When the Price of Gasoline Increases Consumers May Purchase More

question 15

Multiple Choice

When the price of gasoline increases consumers may purchase more gasoline than before, if their incomes are rising as well.Concluding that there is a positive relationship between gasoline prices and the quantity demanded would be an example of:

• A)the post hoc fallacy.
• B)the failure to hold other things constant.
• C)the fallacy of composition.
• D)a mixed market economy.
• E)none of the above.

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Definitions:

Intrinsic Motivation

Motivation driven by an interest or enjoyment in the task itself, rather than relying on external pressures or rewards.

Extrinsic Motivation

Motivation to engage in an activity due to external rewards or pressures, rather than for the activity itself.

Harmonious Family

A family unit characterized by consistent mutual support, understanding, and minimal conflict, leading to a peaceful and cohesive atmosphere.

Social Promotion

The practice of promoting a student to the next grade level regardless of their academic performance, typically to keep them with their age group.