The Demand for Gasoline in the Short Run Is

question 179

Multiple Choice

The demand for gasoline in the short run is

• A) elastic because people can easily switch to public transportation.
• B) perfectly inelastic because people have no choice but to buy gasoline.
• C) unit-elastic because people tend to consume a stable amount of gasoline per period.
• D) inelastic because there are no good substitutes for gasoline.

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Definitions:

Tertiary Circular Reaction

A stage in Piaget's theory of cognitive development during which toddlers experiment with new behaviors to see the outcomes, typically observed around 12 to 18 months of age.

Invention

The creation of a new device, method, or process, developed from study and experimentation.

Scheme Assimilation

The cognitive process by which new information is absorbed into existing mental frameworks or schemas.

Sensorimotor Development

The stage of cognitive development, according to Piaget, from birth to about two years, where infants learn through interacting with their environment using their senses and motor actions.