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What does the following statement imply about price elasticity of demand? "An unexpected spike in ...

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What does the following statement imply about price elasticity of demand? "An unexpected spike in ...

What does the following statement imply about price elasticity of demand? "An unexpected spike in world oil prices leads to dramatic increase in revenue for the world's oil producers."

▸ Elasticity of demand for oil is constant.

▸ Elasticity of demand for oil is equal to zero.

▸ Short-run demand for oil is inelastic.

▸ Elasticity of demand for oil is equal to one.

▸ Short-run demand for oil is elastic.

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Microeconomics

Edition: 17^th

Author: Ragan

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freckles Author

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Thank you, thank you, thank you!

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