Shifts in the Supply of Oil Have Caused Large Changes

question 26

Multiple Choice

Shifts in the supply of oil have caused large changes in price since the 1970s because

• A)the supply of oil is very inelastic while the demand for oil is very elastic over short periods of time.
• B)the supply of oil is very elastic while the demand for oil is inelastic over short periods of time.
• C)both the supply of oil and the demand for oil are inelastic over short periods of time.
• D)the supply of oil and the demand for oil are perfectly elastic over short periods of time.

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Definitions:

Nucleotide Sequence

The precise order of nucleotides within a DNA or RNA molecule, which constitutes the genetic information of an organism.

Purines

Nitrogen-containing organic compounds that form part of the structure of nucleic acids, including adenine and guanine.

Guanine

One of the four main nucleobases found in the nucleic acids DNA and RNA, which pairs with cytosine.

Adenine

A nucleobase (a building block for DNA and RNA) that pairs with thymine in DNA and with uracil in RNA.