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:

Tertiary Prevention

Interventions designed to manage and reduce the impact of an already established disease by minimizing its symptoms and complications.

Addiction Facility

A healthcare institution specialized in the treatment and recovery of individuals suffering from addiction.

Mental Hospital

A healthcare facility specialized for the treatment, care, and rehabilitation of individuals with serious mental disorders and illnesses.

Tertiary Prevention

Tertiary prevention refers to actions taken to manage and reduce the impact of an already established disease by alleviating symptoms and preventing further complications.