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.

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Definitions:

Endolymph

A fluid contained in the membranous labyrinth of the inner ear, crucial for hearing and balance.

Perilymph

The fluid that fills the space between the membranous and bony labyrinths of the inner ear, providing nutrient support and conducting sound waves.

Earlobes

The lower part of the external ear, which is made of soft skin and fatty tissue and hangs down freely.

Fetus

A developing human from roughly eight weeks after conception until birth in mammalian species, particularly humans.