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The Demand Curve for Oil Is Inelastic, Meaning That the Quantity

Question 3

Multiple Choice

The demand curve for oil is inelastic, meaning that the quantity of oil demanded:


A) rises by a lot even when the price of oil increases by only a little.
B) rises by only a little even when the price of oil increases by a lot.
C) falls by a lot even when the price of oil increases by only a little.
D) falls by only a little even when the price of oil increases by a lot.

Correct Answer:

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