The price elasticity of demand in the United States for crude oil has been estimated to be minus - 0.061 in the short run and minus - 0.453 in the long run. Source: John C. B. Cooper, "Price Elasticity of Demand for Crude Oil: Estimate for 23 Countries," OPEC Review , March, 2003, pp. 1-8. The demand for crude oil
A. is price elastic in both the short and long run as there exists many substitutes for crude oil.
B. is more price elastic in the long run than in the short run because in the long run a substitute for crude oil may be found.
C. is more price inelastic in the long run than in the short run because in the short run a substitute for crude oil may be found.
D. is equally price inelastic in both the short and long run as there are not many substitutes for crude oil.
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