The Demand Curve for Petroleum Should Be

question 316

Multiple Choice

The demand curve for petroleum should be

• A) more elastic in the long run than in the short run.
• B) less elastic in the long run than in the short run.
• C) as elastic in the long run as it is in the short run.
• D) more or less elastic in the long run versus the short run depending upon supply conditions.

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Definitions:

Factors

Elements or components that contribute to a result or situation, influencing outcomes in various contexts.

Fluid Intelligence

An aptitude for intelligently tackling and finding solutions to issues in new situations, free from the constraints of learned facts.

Adult Years

The period in human life after adolescence, typically marked by full physical development and maturity.

Factors

Elements or conditions that contribute to a particular result or situation, often studied to understand complex processes or outcomes.