In the late 1970s,Canadians bought smaller cars that used less gasoline.We can conclude that consumers were responding to the fact that
A) the nominal price of gasoline had risen.
B) the nominal price of gasoline had fallen.
C) the nominal price of gasoline was unchanged.
D) the average price of gasoline had risen.
E) the nominal price of gasoline had risen much more rapidly than the average rate of increase for other nominal prices.
Correct Answer:
Verified
Q59: Assume that the ratio of the marginal
Q60: Q61: Which of the following is NOT true Q62: When the price of a good falls,the Q63: The market demand curve is Q65: The _ is the change in the Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
A) the vertical