If the Price of Gasoline Increased by 5 % and Consumers

question 103

Multiple Choice

If the price of gasoline increased by 5 % and consumers responded by purchasing 1 % less gasoline, the absolute value of price elasticity of demand for gasoline would equal

• A) 0.1.
• B) 0.5.
• C) 1.5.
• D) 0.2.

---

Definitions:

Locally

Pertaining to data or operations that are stored or executed on a computer or network without requiring external resources.

Hard Disk

A data storage device used for storing and retrieving digital information using magnetic storage.

Specifications

Detailed descriptions of the design, materials, and requirements of a project or product.

Manufacturer's Website

An official online presence created by a company that produces goods, providing information about products, services, and corporate details.