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Suppose a 20 Percent Increase in the Price of Gasoline

Question 129

Multiple Choice

Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied.This response means that gasoline has


A) an elastic supply.
B) an inelastic supply.
C) a unit elastic supply.
D) an inelastic demand.
E) an elastic demand.

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