Grease a 9-inch springform pan with olive oil. Cut out a 9-inch circle of parchment paper and place it in the bottom of the pan. Grease the top side of the paper with oil, then set the pan aside. If you don't have a springform pan, a 9-inch round 3-inch deep cake pan will also work. I recommend using a parchment paper sling for easier removal.
In a medium bowl, whisk together the flour, baking powder, baking soda, and salt. Set aside.
In a large mixing bowl, beat the sugar and eggs together with a handheld mixer on medium speed for 3-4 minutes until pale and fluffy.
Gradually mix in the olive oil, milk, lemon zest, and lemon juice in the large bowl until well combined.
Add the dry ingredients to the wet ingredients and mix until just combined, lumps are ok.
Pour the batter into the prepared springform pan and bake for 45-50 minutes or until a toothpick inserted in the center of the cake comes out clean.
Allow the cake to cool in the pan for 10-15 minutes, then turn it out from the pan and transfer it to a wire rack to cool completely.
Serve the cake plain, or once cooled, dust with powdered sugar and add lemon slices on top.
Notes
Use the highest quality extra virgin olive oil you can afford. The higher the quality, the better the flavor of the olive oil cake will be.
Avoid overmixing the ingredients, especially when adding the dry ingredients. If you over mix them, the consistency of the cake will be dry and crumbly.
Remember to grease your springform pan. To further prevent the cake from sticking, line the inside bottom of the pan with a circle of parchment paper.
Allow the cake to cool completely before adding powdered sugar or other garnishes.