Asked by Priyadarshi Samal on Jun 03, 2024

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An increase in the price of gasoline will cause a

A) decline in the quantity demanded for gasoline.
B) increase in the quantity demanded for gasoline.
C) decline in the demand for gasoline.
D) increase in the demand for gasoline.

Quantity Demanded

The aggregate sum of a product or service that buyers are ready and able to buy at a particular price point.

Gasoline

A flammable liquid derived from petroleum, primarily used as fuel in internal combustion engines.

  • Examine the impact of varying prices on consumer demand for products and services.
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ZK
Zybrea KnightJun 04, 2024
Final Answer :
A
Explanation :
An increase in price will lead to a decrease in quantity demanded, as consumers will likely look for alternatives, such as carpooling or using public transportation, or simply using less gasoline. A change in price does not affect the overall demand for gasoline, as there are still consumers who require gasoline for their vehicles regardless of price.