Why Is the Supply Curve for Oil Rather Inelastic

question 134

Multiple Choice

Why is the supply curve for oil rather inelastic?

• A) There are not many widely available good substitutes for oil.
• B) To increase the production of oil would require a very significant outlay in terms of costs of exploration and drilling.
• C) The world supply of oil is decreasing.
• D) The supply curve for oil is always perfectly inelastic.

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Definitions:

Just-In-Time (JIT)

A supply chain management strategy that aims to reduce inventory costs by receiving goods only as they are needed in the production process.

Manufacturing Company

A company that produces finished goods from raw materials through the use of labor and machinery.

Performance Reports

Documents that compare actual performance with budgeted or planned performance in various areas of an organization.

Formal Feedback

Structured and officially provided responses or evaluations, often related to job performance or project outcomes.