In the short run, a significant increase in the price of oil has little effect on the quantity of oil demanded. However, in the long run, a significant increase in the price of oil will significantly decrease the quantity demanded. Which of the following reasons explains this? Select the correct answer below: The elasticity of oil never changes, so the quantity demanded will not be impacted by a change in price. Oil is constant unitary elastic, so the changes will always be the same in price and quantity demanded. The demand for oil is more elastic in the short run and less elastic in the long run. The demand for oil is less elastic in the short run and more elastic in the long run