Multiple Choice
In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon.Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014?
A) -0.02
B) -0.19
C) -1.01
D) -2.26
Correct Answer:
Verified
Correct Answer:
Verified
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