Multiple Choice
The elasticity of demand for oil is about 0.5, and the elasticity of supply is about 0.3. If ANWR were drilled and the world supply of oil increased by 3 percent, what is the estimated percent change in the world price of oil?
A) -1.25 percent
B) -2.50 percent
C) -3.75 percent
D) Unknown
Correct Answer:
Verified
Correct Answer:
Verified
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