The Supply of Oil Is Likely to Be

question 36

Multiple Choice

The supply of oil is likely to be

• A)inelastic in both the short run and long run.
• B)elastic in both the short run and long run.
• C)elastic in the short run and inelastic in the long run.
• D)inelastic in the short run and elastic in the long run.

---

Definitions:

Double-masked

In medical studies, a trial in which neither the participants nor the researchers know who belongs to the control group and who belongs to the experimental group.

Placebo

An inert substance or treatment which has no therapeutic effect, used as a control in testing new drugs.

Anxiety

An emotion characterized by apprehension, tension, or discomfort stemming from the anticipation of an unclear result, frequently related to apprehension over what is to come.

Matched Control

A technique in scientific studies where individuals in a control group are deliberately matched with participants in the experimental group based on certain characteristics to ensure comparability.