The elasticity of demand for oil is –0.5 and the elasticity of supply is 0.20. If the demand for oil increases 10 percent, what happens to the price of oil?

Match each event to its effect on the equilibrium interest rate and the amount of investment in the loanable funds market. higher interest rate, greater investment higher interest rate, less investment lower interest rate, less investment lower interest rate, greater investment immediate consumer gratification is no longer preferred by people. an efficient new source of energy effectively increases the return on owning a factory. a wave of retirees stops working and begins drawing on retirement savings.