Final answer:
Gasoline is the most price elastic product, as it is a necessity with limited substitution options and its price has a significant impact on consumers' purchasing decisions.
Step-by-step explanation:
The most price elastic product is likely to be gasoline.
Gasoline is a necessity that has very little substitution options, meaning people have limited choices when it comes to using gasoline or not.
In addition, the price of gasoline tends to have a larger impact on consumers' purchasing decisions compared to other products like milk, clothing, and automobiles. For example, when the price of gasoline increases, people are more likely to reduce their consumption or find alternative means of transportation.