Suppose a 20 Percent Increase in the Price of Gasoline

question 165

Multiple Choice

Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied.This response means that gasoline has an

• A) elastic supply.
• B) inelastic supply.
• C) unit elastic supply.
• D) inelastic demand.
• E) elastic demand.

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Definitions:

Positive Note

A term used to describe ending a communication or situation on an optimistic or hopeful manner.

Neutral Statement

A statement or expression that does not convey any bias, preference, or controversy.

Indirect Approach

A communication strategy where the main point or request is presented after providing background information or justification.

Company Policy

Guidelines and rules that outline how a company and its employees should operate within and represent the organization.