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
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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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
Transcribed Image Text: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
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