The measure of how willing consumers are to buy less of a good as its price rises is called

Discuss how remittances can help reduce poverty and meet other development objectives in recipient nations?

What will be an ideal response?

After initial success, the OPEC cartel saw the price of oil and the revenues of its members decline due, in part, to

a. the low elasticity of demand for oil in the short run. b. the large number of buyers from each member nation. c. surging demand for oil in the early 1980s. d. OPEC members failing to produce their agreed-upon production levels.