In the 1970s OPEC Generated High Prices for Oil but Could

question 164

True/False

In the 1970s OPEC generated high prices for oil but could not sustain this in the mid-80s and 90s.The reason was that both the supply and demand elasticity for oil is less elastic in the short run than in the long run.

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Definitions:

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The professional baseball organization in North America, comprising 30 teams divided into the National League and American League.

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Strategies and actions taken by businesses to increase the total income generated from sales, services, or other business activities.

Substitution Effect

A concept in economics where an increase in the price of a good leads to consumers replacing it with a cheaper alternative.

Consumer Behavior

The examination of how individuals, groups, or organizations choose, acquire, consume, and discard products, services, experiences, or ideas in order to fulfill their needs, and how these activities affect both the consumer and the broader community.