The Price Elasticity of Demand for Oil Is Estimated at 0.05

question 76

Multiple Choice

The price elasticity of demand for oil is estimated at 0.05. This value means a 10 percent increase in the

• A) quantity of oil demanded will result from a 0.5 percent increase in the price of oil.
• B) quantity of oil demanded will result from a 0.5 percent decrease in the price of oil.
• C) price of oil will increase the quantity of oil demanded by 0.5 percent.
• D) price of oil will decrease the quantity of oil demanded by 0.5 percent.

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