Shifts in the Supply of Oil Have Caused Large Changes

Multiple Choice

Shifts in the supply of oil have caused large changes in price since the 1970s because

A) the supply of oil is very inelastic while the demand for oil is very elastic over short periods of time.
B) the supply of oil is very elastic while the demand for oil is inelastic over short periods of time.
C) both the supply of oil and the demand for oil are inelastic over short periods of time.
D) the supply of oil and the demand for oil are perfectly elastic over short periods of time.