Ask Question
28 May, 13:17

Over the past 30 years, the price of oil has been relatively unstable, fluctuating between $11.00 and well over $100 per barrel Which of the following potentially contributes to oil-price instability? Oil prices are relatively unstable because the income elasticity of demand for oil is negative the market for oil is relatively competitive OPEC has been successful in controlling the quantity of oil its members supply the demand for oil is elastic. the supply of oil is inelastic.

+4
Answers (1)
  1. 28 May, 13:28
    0
    The best answer here is; the market for oil is relatively competitive.

    Explanation:

    Prices for oil are determined by market supply which is affected by various elements.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Over the past 30 years, the price of oil has been relatively unstable, fluctuating between $11.00 and well over $100 per barrel Which of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers