In the market for oil in the short run,what are demand and supply
A)both elastic
B)both inelastic
C)demand is elastic and supply is inelastic
D)demand is inelastic and supply is elastic

Question

Quizplus · Accepted Answer

In the short run, both demand and supply for oil are generally inelastic because consumers and producers cannot easily change their consumption or production levels in response to price changes.

In the Market for Oil in the Short Run,what Are