The price elasticity of demand for gasoline tends to be rather inelastic as:
A)there are many available substitutes.
B)it takes up a large part of a consumer's budget.
C)we are in the long run instead of the short run.
D)there are few or no available substitutes.

Question

Quizplus · Accepted Answer

The price elasticity of demand for gasoline tends to be rather inelastic as there are few or no available substitutes. This means that consumers are likely to continue purchasing gasoline despite increases in price, as they have few alternatives for fueling their vehicles.

The Price Elasticity of Demand for Gasoline Tends to Be