QuestionAugust 17, 2025

Gasoline is an example of a good with elastic demand True False

Gasoline is an example of a good with elastic demand True False
Gasoline is an example of a good with elastic demand
True
False

Solution
4.0(154 votes)

Answer

False Explanation 1. Define Elastic Demand Elastic demand means that the quantity demanded changes significantly when the price changes. 2. Analyze Gasoline Demand Gasoline typically has inelastic demand because consumers need it for daily activities, and demand doesn't change much with price fluctuations.

Explanation

1. Define Elastic Demand<br /> Elastic demand means that the quantity demanded changes significantly when the price changes.<br /><br />2. Analyze Gasoline Demand<br /> Gasoline typically has inelastic demand because consumers need it for daily activities, and demand doesn't change much with price fluctuations.
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