Why Was OPEC Unable to Maintain High Oil Prices in the Long

question 12

Multiple Choice

Why was OPEC unable to maintain high oil prices in the long run?

• A)Demand and supply are both elastic in the long run compared to the short run.
• B)Demand and supply are both inelastic in the long run compared to the short run.
• C)Demand is elastic and supply is inelastic in the long run compared to the short run.
• D)Demand is inelastic and supply is elastic in the long run compared to the short run.

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Definitions:

Social Recognition

The acknowledgment or appreciation of an individual or team's behavior, effort, or achievements by their peers or society.

Self-Regulation

The ability of an individual to manage and control their emotions, thoughts, and behaviors in pursuit of long-term goals.

Self-Regulation

The ability of individuals to manage their own emotions, behaviors, and thoughts towards achieving long-term goals.

Self-Observation Data

Information collected through monitoring one's own actions, behaviors, or performance.