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

Question

Quizplus · Accepted Answer

In the short run, both demand and supply for oil are typically 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, Demand