The Demand Curve for Oil Slopes Downward Because

question 161

Multiple Choice

The demand curve for oil slopes downward because:

• A) oil will only be used in its higher-valued uses when the price of oil is lower.
• B) oil will only be used in its higher-valued uses when the price of oil is higher.
• C) oil has many substitutes so that no buyer is willing to pay when the price of oil rises.
• D) oil has no substitutes so that buyers do not react to any change in the price of oil.

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Definitions:

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