The Process Involved in Bringing Oil to World Markets Can

question 190

Multiple Choice

The process involved in bringing oil to world markets can take years.Substitutes for oil-based products such as petrol are limited.As a result________.

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

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Definitions:

Intensive Agriculture

Farming practices that aim to maximize crop yield per unit of agricultural land area, often through high levels of inputs like labor, pesticides, and fertilizers.

Dominant Classes

Social groups that hold the most power, wealth, and status in a society, often shaping its policies, norms, and ideologies.

Own Land

The legal right of possessing, using, and controlling a particular piece of land.

Small-Scale Producers

Individuals or businesses engaged in the production of goods on a limited scale, often characterized by handcrafted or artisanal methods.