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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