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When the Price of Gasoline Is $2

Question 94

Multiple Choice

When the price of gasoline is $2.20 per gallon, 11 million gallons are demanded, and when the price of gasoline goes up to $2.60 per gallon, 10 million gallons are demanded. The gasoline in this range has a(n)


A) elastic demand.
B) inelastic demand.
C) unit elastic demand.
D) perfectly elastic demand.

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