Why Was OPEC Unable to Maintain High Oil Prices in the Long

question 12

Multiple Choice

Why was OPEC unable to maintain high oil prices in the long run?

• A)Demand and supply are both elastic in the long run compared to the short run.
• B)Demand and supply are both inelastic in the long run compared to the short run.
• C)Demand is elastic and supply is inelastic in the long run compared to the short run.
• D)Demand is inelastic and supply is elastic in the long run compared to the short run.

---

Definitions:

Encoding

The act of turning information into a version that is capable of being preserved in memory.

Studying

The act of devoting time and attention to gain knowledge on a subject, typically using books, research, and note-taking.

Ebbinghaus' Retention Curve

A graph illustrating the decline of memory retention in time, showing that the rate at which information is lost over time is initially rapid and then levels off.

Biology Class

An academic course that teaches the principles of biology, including the study of living organisms, their structure, function, growth, origin, evolution, and distribution.