Multiple Choice
Why is the demand curve for oil rather inelastic?
A) There are few widely available good substitutes for oil.(True Answer ) Correct
B) To increase the production of oil requires a significant outlay of exploration and drilling costs.
C) The world supply of oil is low relative to demand.
D) The demand curve for oil is always perfectly inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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