The Price Elasticity of Gasoline Supply in the U

question 8

Multiple Choice

The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?

• A) +3.2%
• B) -3.2%
• C) +32.0%
• D) +0.32%

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