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.
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