--%>

Least likely example of Substitution

Can someone please help me in finding out the accurate answer from the following question. Assume that the War in Iraq spilled over into another oil exporting countries. When U.S. gasoline prices rose to, state, $10 per gallon, the least likely outcome would be that: (i) Sales of sports utility vehicles [or SUVs] would fall as a percentage of net cars sold. (ii) More people would start carpooling. (iii) Demand would drop for the hybrid Toyota Prius associative to demands for Hummer. (iv) Revenues produced by local buses and commuter trains would raise. (e) President Bush would emerge in photo-ops riding a bicycle about his ranch.

   Related Questions in Microeconomics

  • Q : Horizontal summation of individual

    The purely competitive industry’s demand for the labor is: (i) Less elastic than the horizontal summation of individual firm’s demands. (ii) Perfectly elastic. (iii) Upward sloping as of the diminishing marginal returns to labor. (iv) Equi

  • Q : Economic theories Economic theories: A)

    Economic theories: A) are useless because they are not based on laboratory experimentation. B) that are true for individual economic units are never true for the economy as a whole. C) are generalizations based on a careful observation of facts. D) are abstractions an

  • Q : Determine total variable cost of a firm

    This firm’s total variable cost (TVC) equals area as: (w) 0phq2. (x) daef. (y) 0bgq2 minus area daef. (z) obgq2.

    Q : High demand facing relatively

    Total revenue for Macho Man fake mustaches increased after the price raised from $15 to $17, showing that demand faced throguh Macho Man was: (i) relatively elastic. (ii) relatively inelastic. (iii) unitarily elastic. (iv) perfectly elastic. (v) perfe

  • Q : Question on economic cost Select the

    Select the right answer of the question. Which of the following is not an economic cost? A) wages. B) rents. C) economic profits. D) normal profits.

  • Q : Determine total revenue when maximizes

    Total revenue when this firm maximizes economic profits would be: (w) $72,000 per period. (x) $80,000 per period. (y) $96,000 per period. (z) $100,000 per period.

    Q : Substitutes and Complements The

    The increase in the price of a good generally also rises the: (i) Demands for its substitutes. (ii) Supply of its complements. (iii) Purchasing power of the consumer incomes. (iv) Demand for its complements. Can someone please help

  • Q : Reform National Welfare Before the

    Before the national welfare reform of 1996s, where Aid to Families with Dependent Children [AFDC]: (w) was the principal government program intended to alleviate poverty. (x) was exempt from any form of taxation. (y) generated pressur

  • Q : Economies of scale in natural monopoly

    Economies of scale which are substantial relative to market demand result within the market evolving to a: (w) contestable market. (x) collusive oligopoly. (y) natural monopoly. (z) "high tech" industry.

    Q : Price taker market for

    The “kinked-demand-curve” model is an effort to model the behavior of firms within: (1) a cartel. (2) a monopoly. (3) price leadership. (4) an oligopoly. (5) a price taker market. Hello guys I want your