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:

Teaching/Learning

The interactive process between a teacher and learner, aiming at transmitting knowledge, skills, and attitudes.

Learner's Needs

These refer to the educational requirements and personal developments necessary for an individual to achieve learning success and satisfaction.

Interactive Process

A dynamic method involving two or more entities engaging in communication or activities, influencing each other in the process.

Self-Efficacy

An individual's belief in their ability to succeed in specific situations or accomplish a task.