According to a Los Angeles Times article published in May 2005,recent estimates indicate that
A)the short-run and long-run price elasticities of demand for gasoline are 0.1 and 0.5, respectively.
B)the short-run and long-run price elasticities of demand for gasoline are 0.1 and 1.0, respectively.
C)the short-run and long-run price elasticities of demand for gasoline are 0.2 and 1.5, respectively.
D)the short-run and long-run price elasticities of demand for gasoline are 0.5 and 1.5, respectively.

Question

Quizplus · Accepted Answer

The Los Angeles Times article published in May 2005 suggests that recent estimates indicate that the short-run and long-run price elasticities of demand for gasoline are 0.1 and 1.0, respectively. Therefore, option B is the correct answer.

According to a Los Angeles Times Article Published in May