The demand for oil would become less elastic if the price of oil increases by a significant amount for a long period of time.

Name: The demand for oil would become less elastic if the price of oil increases by a significant amount for a long period of time.
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Question

Quizplus · Accepted Answer

If the price of oil increases significantly for a long period, consumers and businesses may find alternatives or adjust their consumption, making the demand more elastic over time.

The Demand for Oil Would Become Less Elastic If the Price