For a Given Reduction in the Supply of Oil, the Equilibrium

Multiple Choice

For a given reduction in the supply of oil, the equilibrium price of oil will

A) decrease by a larger amount for a higher price elasticity of demand.
B) decrease by a smaller amount for a higher price elasticity of demand.
C) increase by a larger amount for a higher price elasticity of demand.
D) increase by a smaller amount for a higher price elasticity of demand.
E) not change, regardless of the price elasticity of demand.