Final answer:
Gasoline demonstrates price inelasticity as demand stays relatively stable despite changes in price, due to its nature as a necessity with few immediate substitutes available for most consumers.
Step-by-step explanation:
The item in question, gasoline, exhibits a type of elasticity known as price inelasticity. Price elasticity refers to how the quantity demanded of a good or service changes in response to a change in its price. In the example provided, even when the price of gasoline increases significantly, the demand remains relatively unchanged because it is a necessity for most consumers. If you're forced to fill up on gasoline even after a price hike because your tank is on empty, it illustrates the inelastic nature of the product. Consumers often rely on gasoline for commuting and everyday transportation, and there are typically few immediate substitutes available, especially in areas without extensive public transportation.