Essay
Figure: The Demand Curve for Oil
(Figure: The Demand Curve for Oil) Look at the figure The Demand Curve for Oil.In the figure, the price elasticity of demand between $20 and $21 is:
A.price-elastic, since the price elasticity is less than 1.
B.price unit-elastic, since the price elasticity is equal to 1.
C.price-elastic, since the price elasticity is a negative number.
D.price-inelastic, since the price elasticity is less than 1.
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