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Suppose That the Price of Gasoline Increases 10% and the Quantity

Question 29

Multiple Choice

Suppose that the price of gasoline increases 10% and the quantity of gasoline demanded in Calgary drops 5% per day.Demand for gasoline in Calgary is:

A) price-elastic.
B) price-inelastic.
C) price unit-elastic.
D) perfectly price-inelastic.

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