Market demand is linear and downward sloping

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In early 2020 some oil producing countries significantly increased their production of oil. Then in moving from the old equilibrium to the new equilibrium, assuming that the market demand is linear and downward sloping, Group of answer choices The oil demand became more elastic with respect to the price of oil The oil demand became less elastic with respect to the price of oil The price elasticity of demand for oil remained unchanged.

Reference no: EM133554713

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