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:

Concurrent Control

A management technique wherein monitoring and adjustments occur simultaneously with the implementation of activities to ensure objectives are met.

Feedback Control

A system or process that adjusts its operation based on differences between the actual outcome and the desired outcome, often used in management and engineering to maintain desired performance levels.

Concurrent Control

involves the monitoring and adjusting of activities in real-time during the process of their implementation to ensure that objectives are met.

Crisis Management

The process by which an organization deals with a disruptive and unexpected event that threatens to harm the entity or its stakeholders.