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Table 3-E -Refer to Table 3-E

question 223

Multiple Choice

Table 3-E
$\begin{array}{ccc}\text { Price per gallon } &\text { Quantity Demanded }&\text { Quantity Supplied of } \\&\text { (thousands of gallons) }&\text { gasoline (thousands of }\\&&\text { gallons) }\\\$ 4.50 & 600 & 2,000 \\\$ 4.25 & 700 & 1,900 \\\$ 4.00 & 800 & 1,800 \\\$ 3.75 & 950 & 1,700 \\\$ 3.50 & 1,200 & 1,600 \\\$ 3.25 & 1,500 & 1,500 \\\$ 3.00 & 1,800 & 1,400 \\\$ 2.75 & 2,100 & 1,300 \\\$ 2.50 & 2,400 & 1,200\end{array}$

-Refer to Table 3-E.Assuming the market for gasoline is initially in equilibrium, what is likely to happen when there is a significant decrease in the price of sport utility vehicles? (Assume that sport utility vehicles get very low gas mileage.)

Identify the philosophical and ethical implications of freedom of choice.

Examine the relationship between freedom, responsibility, and morality.

Distinguish between various types of determinism and their criticisms.

Understand the role of individual character and social entities in defining freedom.

Definitions:

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.

Victim

An individual who suffers harm, injury, or loss as a result of a crime, accident, or other events or action, often necessitating support or redress.

Punitive Damages

Monetary compensation awarded in court cases that goes beyond what is necessary to compensate the plaintiff and is intended to punish the defendant.

Tort Law

A segment of law that addresses violations where one party's behavior causes injury or harm to another person, leading to civil legal liability.