If OPEC increases its price of oil,and still the demand for oil decreases by a very small amount,we can conclude that the demand for oil is
A)relatively elastic.
B)relatively inelastic.
C)perfectly elastic.
D)perfectly inelastic.

Question

Quizplus · Accepted Answer

The demand for oil is relatively inelastic because a significant price increase leads to only a small decrease in quantity demanded, indicating that consumers' demand for oil does not change much in response to price changes.

If OPEC Increases Its Price of Oil,and Still the Demand