If the Price of Gasoline Increased by 5% and Consumers

question 341

Multiple Choice

If the price of gasoline increased by 5% and consumers responded by purchasing 5% less gasoline, the absolute value of price elasticity of demand for gasoline would equal

• A) 0.1.
• B) 0.5.
• C) 5.
• D) 1.

---

Definitions:

Desert Organisms

Plants and animals specifically adapted to survive in harsh desert environments.

Citric Acid Cycle

A series of chemical reactions used by all aerobic organisms to release stored energy through the oxidation of acetyl-CoA derived from carbohydrates, fats, and proteins into carbon dioxide and chemical energy.

Electron Transport Chain

A series of protein complexes embedded in the mitochondrial or cellular membrane that facilitates the transfer of electrons, generating a proton gradient used to produce ATP.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's streams, lakes, and oceans, and the fluids of most living organisms.