Multiple Choice
Suppose that the short run price elasticity of demand for oil is -0.26. Which of the following could explain why the price elasticity of demand for oil is low?
A) There are few alternatives to oil.
B) Firms consume less energy than before.
C) There are only a few suppliers of oil.
D) Oil is an inferior product.
Correct Answer:
Verified
Correct Answer:
Verified
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