Suppose a One Percent Change in the Price of Oil

question 16

Multiple Choice

Suppose a one percent change in the price of oil causes a −0.02 percent change in the quantity demanded of oil. Thus, −0.02 is the:

• A) price elasticity of demand.
• B) price elasticity of supply.
• C) cross-price elasticity of demand.
• D) income elasticity of demand.

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