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If the price elasticity of demand for gasoline is 0.20: A.the demand for gasoline is linear. B.a rise in the price of gasoline will reduce
If the price elasticity of demand for gasoline is 0.20:
- A.the demand for gasoline is linear.
- B.a rise in the price of gasoline will reduce total revenue.
- C.a 10 percent rise in the price of gasoline will decrease the amount purchased by 2 percent.
- D.a 10 percent fall in the price of gasoline will increase the amount purchased by 20 percent.
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