In the United States, of the following decades inflation was highest during the ________.,

The price elasticity of demand for gasoline is 0.40. If the price of gasoline rises by 20 percent, there will be

A) a decrease of more than 20 percent in the quantity of gasoline demanded. B) an increase in the total revenue received from the sale of gasoline. C) a loss of total revenue for gasoline producers, because at a higher price the quantity of gasoline demanded decreases. D) no change in the quantity of gasoline sold because people need gasoline.

Utility is defined as the:

a. sense of pleasure or satisfaction derived from consuming goods and services. b. cost of acquiring goods and services. c. profits consumers earn from consuming goods and services. d. monetary value to consumers of goods and services. e. desire to consume goods and services.