In the 1973 OPEC oil embargo example, an inelastic short-run demand scenario where the price of crude oil rose from $12 to $25 per barrel. What happened to the equilibrium quantity in that scenario?

1. The source sets up 1973 US oil consumption at 17 million barrels per day at a price of $12 per barrel. 2. Under the inelastic short-run demand scenario, OPEC's supply cut pushed price up to $25 per barrel, roughly double the prior price. 3. Quantity fell only from 17 million to 16 million barrels per day, a comparatively small drop. 4. This large price change paired with a small quantity change is exactly what inelastic demand predicts, since quantity barely responds to price. 5. A large quantity drop, as in option A, would instead describe the more elastic long-run demand scenario the source contrasts it with. _Source: OpenStax Principles of Microeconomics for AP Courses (CC BY 4.0), Ch 5 "Elasticity", section 5.3 | Elasticity and Pricing_