Recall the discussion about the demand for oil in your textbook. Which of the following correctly explains why the demand curve for oil is negatively sloped? As the price of oil rises:
A) consumers use oil for more and varied purposes.
B) consumers increasingly use oil only for those purposes without good substitutes.
C) consumers have an incentive to use oil more freely.
D) more producers are more willing and able to produce oil.

Question

Quizplus · Accepted Answer

As the price of oil rises, consumers increasingly use oil only for those purposes without good substitutes, which reduces their overall demand for oil.

Recall the Discussion About the Demand for Oil in Your