The demand for oil is inelastic because there are:
A)many complements for oil in its major use.
B)few complements for oil in its major use.
C)many substitutes for oil in its major use.
D)few substitutes for oil in its major use.(True Answer )Correct

Question

Quizplus · Accepted Answer

The demand for oil is inelastic because there are few substitutes for oil in its major use. This means that if the price of oil were to increase, consumers would still continue to purchase it because they have limited alternative options. It also means that if the price were to decrease, there would be little change in the quantity demanded because there are limited alternative products that could satisfy the same needs as oil.

The Demand for Oil Is Inelastic Because There Are