The Short Run Price Elasticity of Demand for Gasoline Is

question 156

Multiple Choice

The short run price elasticity of demand for gasoline is 0.5,and the long run price elasticity of demand for gasoline is 1.1.Demand for gasoline is ________ in the short run and ________ in the long run.

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

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