New Enroll in RBI Grade B New Batch - Starts on May 21

Question

A shift of the supply curve of oil raises the price from

$10 a barrel to $15 a barrel and reduces the quantity demanded from 40 million to 15 million barrels a day. You can conclude that the

A demand for oil is elastic

B supply of oil is elastic

C supply of oil is inelastic

D demand for oil is inelastic

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