The demand curve for oil from OPEC is:
A) flat.
B) vertical.
C) upward-sloping.
D) downward-sloping.

Question

Quizplus · Accepted Answer

The demand curve for oil from OPEC is downward-sloping because as the price of oil increases, consumers will likely use less oil or seek alternatives, leading to a decrease in demand. On the other hand, if the price of oil decreases, consumers will likely use more oil, leading to an increase in demand.

The Demand Curve for Oil from OPEC Is