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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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