Gasoline prices fluctuate significantly over time, but these price changes have little effect on car travel. This indicates that demand is _ and the threat of substitutes is _.

Question: Gasoline prices fluctuate significantly over time, but these price changes have little effect on car travel. This indicates that demand is _ and the threat of substitutes is _.

  • Inelastic, high
  • Elastic, low
  • Inelastic, low
  • Elastic, high

Answers: Elastic, low

Conclusion of Gasoline prices fluctuate significantly over time, but these price changes have little effect on car travel. This indicates that demand is _ and the threat of substitutes is _.

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