In September 2012, the Average Price of Gasoline in the United

question 60

Multiple Choice

In September 2012, the average price of gasoline in the United States was $3.91 per gallon and consumers bought 5 percent less gasoline than they had during September 2011, when the average price was $3.66 per gallon. Based on these numbers, what was the price elasticity of demand for gasoline from September 2011 to September 2012?

• A) -0.33
• B) -0.76
• C) -2.96
• D) -6.75

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Definitions:

Gestalt Principle

A psychological theory suggesting that individuals perceive objects as whole systems rather than the sum of their parts.

Proximity

The state or condition of being close or near; in psychology, it often refers to how physically close people are to each other, which can influence relationships and social interactions.

Gestalt Psychology

A theory of mind that emphasizes the human ability to perceive patterns and wholes in complex data rather than just individual components.

Psychophysics

The branch of psychology that deals with the relationships between physical stimuli and the sensory perceptions they evoke.