Why Is the Demand Curve for Oil Rather Inelastic

question 225

Multiple Choice

Why is the demand curve for oil rather inelastic?

• A) There are few widely available good substitutes for oil.
• B) To increase the production of oil requires a significant outlay of exploration and drilling costs.
• C) The world supply of oil is low relative to demand.
• D) The demand curve for oil is always perfectly inelastic.

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Definitions:

Cost Of Production Report

A document that details the total cost and production information for a specific period, often used in process costing systems.

Direct Labor

The term refers to the employees and labor cost directly associated with the manufacturing of goods, which includes workers who use the raw materials to build the product.

Process Costing

An accounting methodology used in manufacturing to allocate costs of production to individual units, suitable for homogenous products.

Conversion Cost

The combined cost of direct labor and manufacturing overheads incurred to convert raw materials into finished products.