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Will higher electric vehicle sales, decrease the price of oil and what happens to the quantity of oil sold? Suppose the supply of oil decreases.Economic
Will higher electric vehicle sales, decrease the price of oil and what happens to the quantity of oil sold?
Suppose the supply of oil decreases.Economic theory indicates that this shift will lead to an increase in the price of oil.We know that the demand for oil tends to be rather inelastic. With a rather inelastic demand, would we expect the price of oil to increase more or less, as compared to with an elastic demand
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