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After you have read "Why Are Oil Prices So Unstable" article on pages 158 - 159...

After you have read "Why Are Oil Prices So Unstable" article on pages 158 - 159 of our textbook, please answer the following two questions:

1. Suppose that the demand for oil declines. Will the equilibrium price of oil decline more, if the supply of oil is elastic, or if it is inelastic? Please explain your answer in all the details!

2. What, in your opinion, are the reasons that make the oil prices so unstable?

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