The product that I chose was gasoline due to its price inelasticity of demand. I chose this product because the market for gasoline is outstanding between both industries and individuals. Whenever the price of oil rises, it is a guarantee that the price of gasoline will rise as well, however the demand for the gasoline remains the same or almost the same. There are steps that people can take to assure that their consumption of gasoline lasts longer and is more efficient such as moving closer to their job or riding a bike to work, but the overall demand of gasoline remains the same. As Morris mentioned in his article, “Gasoline is a relatively inelastic product, meaning changes in prices have little influence on demand,” (Morris 2014). In the