A Given Change in Oil Supply Will Result in a Smaller

question 165

Multiple Choice

A given change in oil supply will result in a smaller change in the equilibrium price of oil if the

• A)price elasticity of demand for oil is higher.
• B)price elasticity of demand for oil is lower.
• C)income elasticity for oil is higher.
• D)income elasticity for oil is lower.
• E)demand for oil is not sensitive to the price of oil.

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Definitions:

Unfair

Activities or practices that are unjust, dishonest, or not in accordance with equity or good conscience.

Mistake

An erroneous belief or misunderstanding about something, which can affect the validity of a contract if it's fundamental.

Raffles V. Wichelhaus

A landmark case in contract law dealing with mutual mistake and the importance of clear terms in agreements, specifically relating to the "Peerless" ship.

Contractual Terms

The conditions and stipulations outlined in a contract that determine the rights and duties of the parties involved.