The Rising Price of Oil Has Made It Feasible to Extract

question 27

Multiple Choice

The rising price of oil has made it feasible to extract oil out of oily sand in Canada.Concerning the oil market this is an example of

• A) a higher price elasticity of supply in the long run.
• B) a higher price elasticity of supply in the short run.
• C) a higher price elasticity of demand in the short run.
• D) an inelastic long-run supply of oil.

Recognize the varying uses and perceptions of social media between different age groups and their implications for personal and professional use.

Identify the ways companies replicate popular social media platforms internally to enhance communication and collaboration.

Appreciate how businesses use social networking sites for connecting with customers, sharing news, and fostering idea exchanges.

Understand the elements of effective digital communication, including content creation for blogs.

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Definitions:

Variable Costs

Expenses that change in proportion to the activity of a business.

Fixed Costs

Expenses that do not change with the level of output or sales in the short term.

Marginal Cost Curve

Graphical representation showing how the cost to produce one more unit changes as production increases, typically U-shaped due to economies and diseconomies of scale.

Average Total Cost Curve

A graphical representation showing the average cost per unit of output, calculated by dividing total costs (both fixed and variable) by the number of units produced.