Which of the following statements is true? O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly. O The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the pr when the supply is more elastic. O The supply of ol is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the oil when the supply of oil is perfectly inelastic. O Over short periods of time increases in the demand for ol are greater than increases in the supply of oil. Over the long run increases in the demand and t of oil are about equal. As a result, the price of ol increases greatly in the short run but is stable in the long run.
Which of the following statements is true? O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly. O The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the pr when the supply is more elastic. O The supply of ol is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the oil when the supply of oil is perfectly inelastic. O Over short periods of time increases in the demand for ol are greater than increases in the supply of oil. Over the long run increases in the demand and t of oil are about equal. As a result, the price of ol increases greatly in the short run but is stable in the long run.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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