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In December 2014, the average price of gasoline in the United States was $2.50 per gallon and ...

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In December 2014, the average price of gasoline in the United States was $2.50 per gallon and ...

In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon. Based on these figures, when the price of gasoline fell from $3.60 per gallon to $2.50 per gallon, total revenue

▸

increased.

▸

decreased.

▸

did not change.

▸

There is not enough information to determine what happened to total revenue.

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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