Over Longer Periods of Time, Increases in Oil Prices Provide

question 231

Multiple Choice

Over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil.What does this indicate about the long-run price elasticity of supply for oil?

• A)The elasticity coefficient is likely to be higher in the long run than in the short run.
• B)The elasticity coefficient is likely to be lower in the long run than in the short run.
• C)The elasticity coefficient approaches 0 in the long run as supplies are depleted.
• D)The elasticity coefficient is unstable in the long run because oil supplies may be depleted.

---

Definitions:

Employee Empowerment

The practice of giving employees the authority, tools, and resources to make decisions and contribute to the company's success.

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business, influencing employee behavior and company operations.

Job Design

The process of organizing tasks, duties, and responsibilities into a productive unit of work to enhance job satisfaction and performance.

Organizational Objectives

The specific goals that a company aims to achieve, which guide its operations and strategic planning.