Final answer:
Among Jewelry, Lobsters, Performance cars, and Gasoline, Gasoline is likely to have the least elastic demand because it is a necessity with few substitutes, and consumers will continue to purchase it even if prices rise.
Step-by-step explanation:
The question asks which good among Jewelry, Lobsters, Performance cars, and Gasoline would have the least elastic demand in terms of price elasticity. To determine this, we need to consider whether the goods are necessities or luxuries, their price points, and the availability of substitutes. Generally, necessities with no close substitutes tend to have inelastic demand. Of the listed goods, Gasoline stands out as a necessity for most people who rely on vehicles for transportation, particularly when there are few alternatives available.
Jewelry, Lobsters, and Performance cars are considered more luxury items and typically have more elastic demand because consumers can postpone or forego these purchases without significantly affecting their lifestyle. However, Gasoline is often essential for commuting, running errands, and other daily activities, especially in regions with limited public transportation options. Therefore, even if the price of Gasoline increases, consumers are likely to continue purchasing it out of necessity, which contributes to Gasoline's inelastic demand.