Examlex
If the short-run price elasticity of demand for petroleum is 0.8,which of the following statements is most likely to be true for the long run?
Incentives
Factors, usually financial or material rewards, that motivate individuals or firms to act in a certain way.
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of oil-producing countries that coordinates and unifies the petroleum policies of its member states.
Efficient Allocation
The distribution of resources in a way that maximizes the net benefit to society or achieves a desired outcome effectively.
Equitable Allocation
The fair and just distribution of resources among different groups or individuals.
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