This Year a New Oil Field with Substantial Reserves Has

question 22

Multiple Choice

This year a new oil field with substantial reserves has been discovered. Such discoveries are not made every year. Therefore an increase in the demand for oil will:

• A) increase the long-run price of oil more than the short-run price of oil.
• B) increase the long-run price of oil less than the short-run price of oil.
• C) ensure the long-run price of oil and short-run price of oil increase by the same amount.
• D) ensure that the short-run price of oil falls.
• E) ensure that the short-run price of oil remains unchanged.

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Definitions:

Central Nervous System Depressants

Substances that slow down brain activity, leading to a calming effect.

Diaphoresis

Excessive sweating, often as a symptom of an underlying health condition, physical exertion, or stress.

Tachycardia

A condition where the heart rate exceeds the normal resting rate, typically defined as a heart rate over 100 beats per minute in adults.

Substance Addiction

A chronic condition characterized by the compulsive use of substances despite harmful consequences, leading to mental and physical dependence.