Statement I: in the Very Short Run,the Demand for Gasoline

question 123

Multiple Choice

Statement I: In the very short run,the demand for gasoline and home heating oil is almost perfectly inelastic.
Statement II: When American consumers traded in their gas-guzzler automobiles for Japanese fuel-efficient cars from the mid-1970s to the mid 1980s,this was an example of how the demand for gasoline had become more elastic in the long run.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Urethra

A tube that connects the urinary bladder to the urinary meatus for the removal of fluids from the body.

Renin

An enzyme secreted by the kidneys that plays a key role in regulating blood pressure by converting angiotensinogen to angiotensin.

Angiotensin II

A potent vasoconstrictive peptide that plays a critical role in blood pressure regulation and fluid balance.

Blood Pressure

The force exerted by circulating blood upon the walls of blood vessels, often measured to assess heart and blood vessel health.