There Are Very Few,if Any,good Substitutes for Motor Oil

question 175

Multiple Choice

There are very few,if any,good substitutes for motor oil.Therefore,the

• A)demand for motor oil would tend to be inelastic.
• B)demand for motor oil would tend to be elastic.
• C)demand for motor oil would tend to respond strongly to changes in prices of other goods.
• D)supply of motor oil would tend to respond strongly to changes in people's tastes for large cars relative to their tastes for small cars.

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Definitions:

Human Capital

The economic value of a worker's experience and skills, including education, training, intelligence, skills, health, and other things employers value.

Technological Knowledge

Information and skills acquired through experience or education regarding the use, development, and application of technological tools and systems.

Productivity

The measure of the efficiency of production, typically expressed as the ratio of output to inputs used in the production process.

Real GDP

Real GDP, or Real Gross Domestic Product, measures the value of all final goods and services produced within a country in a given period, adjusted for inflation to reflect changes in price levels.