If the Price Elasticity of Demand for Gasoline Is 0

question 428

Multiple Choice

If the price elasticity of demand for gasoline is 0.8 and the price elasticity of demand for plane tickets is 2.2 then the demand for gasoline is ________ and the demand for plane tickets is ________.

• A) elastic; inelastic
• B) inelastic; elastic
• C) elastic; elastic
• D) inelastic; inelastic

---

Definitions:

Fraud

An intentional deception made for personal gain or to damage another individual.

Misrepresentation Liability

Legal responsibility arising from providing false or misleading statements that someone else relies on to their detriment.

Negligently

Acting with a lack of care or attention to duty that results in harm or damage.

Rescind

To rescind means to revoke, cancel, or annul a contract, agreement, or resolution, effectively making it as though it never existed.