Multiple Choice
The price of gasoline rises by 1%, and the quantity of gasoline purchased falls by 5%. The price elasticity of demand is equal to _____, and demand is described as _____.
A) 0.2; inelastic
B) 5; inelastic
C) 0.2; elastic
D) 5; elastic
Correct Answer:
Verified
Correct Answer:
Verified
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