Examlex
Which of the following is likely to have the most price inelastic demand?
Crude Oil
A natural, unrefined petroleum product composed of hydrocarbon deposits.
OPEC
The Organization of Petroleum Exporting Countries, an intergovernmental organization of oil-producing countries that aims to manage the supply of oil to stabilize prices and ensure steady earnings.
Price Ceiling
A government-imposed maximum price that can be charged for a good or service, intended to protect consumers from high prices.
Market Demand
The aggregate of a good or service that each consumer in a market is eager and qualified to purchase at differing prices.
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