If the Price of Oil Is $60 Per Barrel, the Quantity

question 352

Multiple Choice

If the price of oil is $60 per barrel, the quantity of oil supplied is 70 million barrels per day. If the price is $40 per barrel, the quantity of oil supplied is 69 million barrels per day. This implies that the

• A) supply of oil is elastic.
• B) supply of oil is inelastic.
• C) demand for oil is inelastic.
• D) demand for oil is elastic.

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