Answer to Question #218590 in Economics for Bernard

Question #218590

If a lower price of crude oil leads to lower oil revenue for oil-producing countries, this suggests that the world demand for oil is _____

Expert's answer

Inelastic

Learn more about our help with Assignments: Economics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Explain 4 difference between Limited liabilities partnership and a conventional corporation in terms
2. Aztec Products wishes to evaluate its cash conversion cycle (CCC). Research by one of the firm�
3. Evaluate the impact of agriculture sector on the economy and on local and global environment (In 150
4. 4.18 Which of the following is true regarding sources of economic growth? [1] Land al
5. 4.18 The business cycle shows … [1] phases of economic cycles as the production out
6. 4.18 In 2020 the economy grew by_ in constant terms. [1] 1,0% [2] -1,7% [
7. 4.18 Which of the following is used to measure economic growth? [1] CPI[2] P