Receive less total revenue from the sale of gasoline

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Reference no: EM13796457

A service station owner in Staten Island, NY, was worried that raising the price of gasoline would cause the quantity demanded to fall by so much that he would be in a worse situation than if he did not raise the price. If raising the price of gasoline would cause the owner to receive less total revenue from the sale of gasoline, the demand for gasoline is

1. Inelastic

2. Elastic

3. Perfectly inelastic

4. Unit elastic

Reference no: EM13796457

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