Asked by Zixin Zhang on Jul 21, 2024
Verified
A shift in the demand for gasoline in the United States would result if
A) significantly more people decided to use mass transit than travel by automobile.
B) the price of gasoline decreased.
C) Congress and the President allowed oil to be drilled in previously restricted areas.
D) new methods were discovered for recovering oil from wells previously considered dried up.
Shift in Demand
A change in the demand curve caused by factors other than the price of the good or service, leading to an increase or decrease in demand at every price.
Mass Transit
Public shared transportation systems, such as buses and trains, designed to move large numbers of people efficiently across urban and suburban areas.
Drilled Oil
Petroleum that has been extracted from the earth via drilling operations, a common method for obtaining crude oil.
- Acknowledge the contribution of consumer expectations and preferences to the configuration of market demand.
Verified Answer
KG
Kabir GandhiwadiJul 23, 2024
Final Answer :
A
Explanation :
If significantly more people decided to use mass transit than travel by automobile, the demand for gasoline in the United States would decrease. This is because fewer people would be using automobiles and therefore, the demand for gasoline would decrease. Choices B, C, and D may affect the supply of gasoline, but they would not necessarily directly affect the demand for gasoline.
Learning Objectives
- Acknowledge the contribution of consumer expectations and preferences to the configuration of market demand.