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:
Verified
Q123: Q129: If the percentage change in the price Q130: If substitutes for a good are readily Q131: Suppose the price of a movie falls Q133: If,when the price falls,total revenue increases,demand is Q135: If the price of a product increases Q136: When the percentage change in the quantity Q137: When a firm raises the price of Q138: When the percentage change in the quantity Q139: The price elasticity of demand for an
A)
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