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All Else Equal, When the Demand for Oil Increases, the Price

question 95

Essay

All else equal, when the demand for oil increases, the price will increase. Some economists say that this is only a short-run worry because in the long run a more elastic supply curve will benefit consumers. Do you agree? Explain.


Definitions:

Neuronal Dysfunction

Abnormal function or pathology of neurons, which can lead to various neurological disorders affecting the brain and nervous system.

Amnesia

A condition characterized by the partial or complete loss of memory, often caused by brain injury, disease, or psychological trauma.

Mannitol (Osmitrol)

A type of sugar alcohol used as a medication to reduce pressure in the brain and eyes and as a diuretic.

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