The price elasticity of gasoline supply in the U.S. is 0.4. If the price of gasoline rises by 8%, what is the expected change in the quantity of gasoline supplied in the U.S.?

A. +32.0%
B. +0.32%
C.-3.2%
D. +3.2%

D. +3.2%

Economics

You might also like to view...

The four-firm concentration ratio equals the percentage of the value of ________ accounted for by the four ________ firms in the industry

A) sales; smallest B) profits; smallest C) sales; largest D) profits; largest

Economics

What are the requirements to become a police officer? Do you believe they are reasonable?

What will be an ideal response?

Economics