According to a Los Angeles Times article published in May 2005,John Felmy,chief economist at the American Petroleum Institute,asserts that the short-run price elasticity of demand for gasoline is about
A)0.10.
B)0.25.
C)0.50.
D)1.00.

Question

Quizplus · Accepted Answer

The short-run price elasticity of demand for gasoline is typically low, around 0.10, indicating that consumers do not significantly reduce their gasoline consumption in response to price increases in the short term.

According to a Los Angeles Times Article Published in May