If the price of gasoline increased by 5 % and consumers responded by purchasing 1 % less gasoline, the absolute value of price elasticity of demand for gasoline would equal
A) 0.1.
B) 0.5.
C) 1.5.
D) 0.2.

Question

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The Answer of If the price of gasoline increased by 5 % and consumers responded by purchasing 1 % less gasoline, the absolute value of price elasticity of demand for gasoline would equal
A) 0.1.
B) 0.5.
C) 1.5.
D) 0.2.

If the Price of Gasoline Increased by 5 % and Consumers