A Shift of the Supply Curve of Oil Raises the Price

question 119

Multiple Choice

A shift of the supply curve of oil raises the price from $70 a barrel to $80 a barrel and reduces the quantity demanded from 40 million to 38 million barrels a day. You can conclude that the

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

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