If an Increase in the Price of Oil by 10

question 217

Multiple Choice

If an increase in the price of oil by 10 percent would cause the quantity demanded for oil to fall by 5 percent, the elasticity of demand for oil in absolute terms is:

• A)10.
• B)5.
• C)2.
• D) 0.5.

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Definitions:

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Fields of study and work related to Science, Technology, Engineering, and Mathematics.