Answer to Question #220588 in Economics for Beauty Magadlela

Question #220588

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 _____

  •  A. perfectly elastic.
  •  B. elastic.
  •  C. inelastic.
  •  D. unitary elastic.
1
Expert's answer
2021-07-26T17:32:02-0400

C. inelastic.

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