The Supply of a Resource, Such as Oil, Is Likely

question 31

Multiple Choice

The supply of a resource, such as oil, is likely to be

• A) equally elastic in both the short and long run.
• B) more elastic in the long run than in the short run.
• C) more elastic in the short run than in the long run.
• D) determined by the demand for the resource.

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Definitions:

General Education

A broad curriculum designed to give students a wide range of knowledge outside their major area of study.

Financially Well Off

Having sufficient wealth to live at a standard of comfort and security without financial struggles.

Better Job

A position that offers improved conditions, benefits, pay, or satisfaction compared to one's current or past employment.

Stereotype Threat

The risk of confirming negative stereotypes about an individual's racial, ethnic, gender, or cultural group.