When would oil producers see the largest percentage decline in the quantity demanded for oil due to an increase in the price of oil today?
A) tomorrow
B) in 6 months
C) in 2 years
D) in 8 years
E) in 15 years

Question

Quizplus · Accepted Answer

The largest percentage decline in the quantity demanded for oil due to an increase in the price of oil today would be seen in the long term (15 years in this case), as consumers and industries have more time to adjust their behaviors, invest in energy-efficient technologies, or switch to alternative energy sources.

When Would Oil Producers See the Largest Percentage Decline in the Quantity