Multiple Choice
When the oil-exporting countries of the Middle East raised the price of crude oil very sharply,tens of billions of dollars were transferred from the oil-consuming to the oil-exporting nations.From this one can conclude that
A) there is no substitute for Middle East oil.
B) the demand for crude oil is highly price elastic.
C) the demand for crude oil is highly price inelastic.
D) the demand curve for crude oil is horizontal.
E) the demand for crude oil is unit-price elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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