Gasoline is a product whose demand is elastic.

Name: Gasoline is a product whose demand is elastic.
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Question

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Gasoline is considered to have an elastic demand because consumers are sensitive to changes in its price. When the price of gasoline increases, consumers may look for alternative modes of transportation or more fuel-efficient vehicles, reducing their demand for gasoline. Conversely, when the price of gasoline decreases, consumers may drive more, increasing their demand for gasoline.

Gasoline Is a Product Whose Demand Is Elastic