Compare the demand for pencilspencils with demand for gasolinegasoline. The demand for pencilspencils is likely A. more elastic because pencils tendpencils tend to be purchased in larger quantities. B. more inelastic because pencils tendpencils tend to be purchased more frequently. C. more elastic because pencils tendpencils tend to represent a smaller fraction of a consumer's budget. D. more elastic because pencils tendpencils tend to represent a larger fraction of a consumer's budget. E. more inelastic because pencils tendpencils tend to represent a smaller fraction of a consumer's budget.
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