During the Winter of 2017-2018, the Price of Heating Oil

question 15

Multiple Choice

During the winter of 2017-2018, the price of heating oil in Canberra increased enormously but the quantity demanded decreased only a little. This response indicates that the demand for heating oil was

• A) perfectly inelastic.
• B) unit elastic.
• C) inelastic.
• D) perfectly elastic.
• E) elastic.

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Definitions:

Polymers

Large molecules composed of many repeated subunits, used in plastics, textiles, and various other materials.

Biodegradable Plant Matter

Organic plant materials capable of being decomposed by bacteria or other living organisms.

Petroleum

A naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons and other organic compounds found beneath the Earth's surface.

Polymer Waste

Refers to unwanted materials resulting from the manufacture and disposal of polymer-based products, which pose environmental challenges due to their non-biodegradable nature.