The Price of a Litre of Gasoline Increases 10% This

question 41

Multiple Choice

The price of a litre of gasoline increases 10% this year.As a result,which event is MOST likely to occur?

• A) More people will drive their cars.
• B) Public transportation usage will decrease.
• C) Gasoline expenditures will increase if gasoline is an inelastic good.
• D) Fewer people will ride bicycles,a substitute for car travel.

---

Definitions:

Bargained-For-Exchange

A fundamental concept in contract law that requires each party to provide something of value to the other for a contract to be valid.

Statutorily Enforceable

Refers to rights or obligations that are created, recognized, and enforced through specific statutes or laws enacted by a legislative body.

Past-Due

Referring to a payment or obligation that has not been met by its deadline.

Breach of Contract

The failure to perform as specified in a legally binding contract, which can lead to legal actions and damages.