The Fact That New Methods to Extract Oil Are Developed

question 110

Multiple Choice

The fact that new methods to extract oil are developed as oil prices increase suggests

• A)that methods of production do not change in response to factor-price changes.
• B)that invention is exogenous.
• C)that invention does respond to economic signals and is endogenous.
• D)that oil has many close substitutes.
• E)nothing; changes in technology occur regardless of market prices.

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