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.

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