Solved

During the Winter of 2011-2012,the Price of Fuel Oil Increased

Question 109

Multiple Choice

During the winter of 2011-2012,the price of fuel oil increased enormously but the quantity demanded decreased only a little.This response indicates that the demand for fuel oil was


A) inelastic.
B) elastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q104: Perfectly inelastic demand means that consumers<br>A) are

Q105: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1458/.jpg" alt=" -In the figure

Q106: When the percentage change in the quantity

Q107: If a substitute good is easy to

Q108: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1458/.jpg" alt=" -Using the table

Q110: Demand is elastic if<br>A) consumers respond strongly

Q111: If the price of a six-pack of

Q112: Which is larger: The price elasticity of

Q113: If a 2 percent rise in price

Q114: At the midpoint of a linear,downward-sloping demand