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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%

Correct Answer:

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