In December 2014, the average price of gasoline in the United States was $2.50 per gallon and consumers bought 7 percent more gasoline than they had during April 2014, when the average price was $3.60 per gallon
Based on these numbers, what was the price elasticity of demand for gasoline from April 2014 to December 2014?
A) -0.02 B) -0.19 C) -1.01 D) -2.26
B
Economics
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Indicate whether the statement is true or false
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In a constant-cost industry, the long-run market supply curve is
a. horizontal b. vertical c. upward sloping d. downward sloping e. the same slope as the typical firm's supply curve
Economics