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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Definitions:

Quid Pro Quo

A mutual exchange where something is given or received in return for something else, often used in the context of negotiations.

Sexual Harassment

Unwanted and unwelcome behavior of a sexual nature that can affect a person's job, work environment, or personal life, creating a hostile atmosphere.

Work Morale

The overall attitude, satisfaction, and outlook of employees towards their work and workplace, which can significantly impact productivity and job performance.

Economic Rewards

Economic rewards are financial benefits given to individuals or groups as compensation for their labor, investment, or contribution.