A 10 percent increase in gasoline prices reduces gasoline consumption by about
A)6 percent after one year and 2.5 percent after five years.
B)2.5 percent after one year and 6 percent after five years.
C)10 percent after one year and 20 percent after five years.
D)0 percent after one year and 1 percent after five years.

Question

Quizplus · Accepted Answer

According to the given information, a 10 percent increase in gasoline prices reduces gasoline consumption by about 2.5 percent after one year and 6 percent after five years. Therefore, option B is the correct choice. Options A, C, and D do not match the given information.

A 10 Percent Increase in Gasoline Prices Reduces Gasoline Consumption