Business, 09.07.2021 15:40 pinkyglitter2696

Suppose an economist collects the following data between May and December of a given year: gasoline prices rose sharply, consumer incomes remained constant, consumers purchases of fuel efficient vehicles remained constant from the previous year, the size of the population did not change, sales of gasoline decreased by 15 percent. Which of the following theories could be tested with this information? a. No economic theory could be tested with this information.
b. When the population increases, purchases of fuel efficient vehicles increase.
c. When the price of gasoline rises, gasoline purchases fall.
d. When consumer incomes rise, gasoline purchases rise.

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Suppose an economist collects the following data between May and December of a given year: gasoline...

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