Suppose You Have One Hour to Catch a Flight to Miami

question 122

Multiple Choice

Suppose you have one hour to catch a flight to Miami for spring break.It takes 45 minutes to drive to the airport.Your car is almost out of gas;the price of gas at the closest gas station is higher than at the one on the other side of the town.To you,the price elasticity of demand for gas is likely to be ______ than it would be if you had several hours before the flight.

• A)higher
• B)more inelastic
• C)more elastic
• D)no different

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Definitions:

Extinction

In behavioral psychology, the gradual weakening and eventual disappearance of a conditioned response.

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Engaging in games of chance for monetary stakes or other valued outcomes, often analyzed in the context of psychology for its risk and reward dynamics.

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outlines how often and under what conditions a behavioral response is reinforced, influencing the strength and rate of the response.

Pop Quizzes

Surprise tests given without prior notice to assess or reinforce learning in an educational setting.