Multiple Choice
There are very few,if any,good substitutes for motor oil.What does this imply
A) The supply of motor oil would tend to be price elastic.
B) The demand for motor oil would tend to be price elastic.
C) The demand for motor oil would tend to be price inelastic.
D) The demand for motor oil would tend to be income elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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