Over Longer Periods of Time, Increases in Oil Prices Provide

question 231

Multiple Choice

Over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil.What does this indicate about the long-run price elasticity of supply for oil?

• A)The elasticity coefficient is likely to be higher in the long run than in the short run.
• B)The elasticity coefficient is likely to be lower in the long run than in the short run.
• C)The elasticity coefficient approaches 0 in the long run as supplies are depleted.
• D)The elasticity coefficient is unstable in the long run because oil supplies may be depleted.

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Definitions:

Delivery Truck

A vehicle specifically designed for transporting goods from one location to another.

Income

The amount of money received over a period of time either as payment for work, goods, or services, or through investments.

Interest Forgone

The potential interest one could have earned on their money if it had been invested rather than spent or kept in a non-interest-bearing account.

MC (Marginal Cost)

The additional cost resulting from the production of one more unit of a product or service.