13. In the market for oil in the long run, demand and supply are. a. inelastic, so a shift in supply leads to a small change in price b. elastic, so a shift in supply leads to a small change in price c. inelastic, so a shift in supply leads to a large change in price d. elastic, so a shift in supply leads to a large change in price

13. In the market for oil in the long run, demand and supply are. a. inelastic, so a shift in supply leads to a small change in price b. elastic, so a shift in supply leads to a small change in price c. inelastic, so a shift in supply leads to a large change in price d. elastic, so a shift in supply leads to a large change in price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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