If OPEC Increases Its Price of Oil,and Still the Demand

question 5

Multiple Choice

If OPEC increases its price of oil,and still the demand for oil decreases by a very small amount,we can conclude that the demand for oil is

• A)relatively elastic.
• B)relatively inelastic.
• C)perfectly elastic.
• D)perfectly inelastic.

---

Definitions:

Drop-In Daycare Center

A childcare service option that allows parents to drop off their children for care on an as-needed, without a long-term commitment.

Ethical Issue

A moral challenge or dilemma arising in a situation, where a decision must be made about the right or wrong action.

Customer Information

Customer information refers to data and insights collected about consumers, such as demographic details, purchasing behavior, preferences, and feedback, which businesses use for marketing and customer service improvements.

American Marketing Association

A professional association for marketing professionals and scholars involved in the practice, teaching, and study of marketing worldwide.