Which of the Following Statements Is True

question 37

Multiple Choice

Which of the following statements is true?

• A)The supply of oil is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the price of oil when the supply of oil is perfectly inelastic.
• B)The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the price of oil when the supply is more elastic.
• C)The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases significantly.
• D)Over short periods of time increases in the demand for oil are greater than increases in the supply of oil. Over the long run increases in the demand and the supply of oil are about equal. As a result, the price of oil increases greatly in the short run but is stable in the long run.

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Definitions:

Gender Differences

The distinctions in characteristics, behaviors, roles, and expectations typically associated with being male or female in a given society.

Positive Gossip

Sharing information about someone else in a manner that is supportive, uplifting, or beneficial to their reputation or status.

Communication Problems

Issues that occur during the exchange of information between individuals, leading to misunderstandings, conflicts, or inefficiency.

Upward Communication

The transmission of messages from lower to higher levels in an organization.