Over Longer Periods of Time, Increases in Oil Prices Provide

question 231

Multiple Choice

Over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil.What does this indicate about the long-run price elasticity of supply for oil?

• A)The elasticity coefficient is likely to be higher in the long run than in the short run.
• B)The elasticity coefficient is likely to be lower in the long run than in the short run.
• C)The elasticity coefficient approaches 0 in the long run as supplies are depleted.
• D)The elasticity coefficient is unstable in the long run because oil supplies may be depleted.

---

Definitions:

Centrally Venous Catheter

A tube placed into a large vein in the neck, chest, or groin to administer medication or fluids, obtain blood tests, and directly obtain cardiovascular measurements.

Indwelling Urinary Catheter

An indwelling urinary catheter is a tube inserted into the bladder through the urethra to drain urine, often used for patients who cannot urinate independently.

Colostomy

A surgical procedure that creates an opening in the abdominal wall to allow for waste elimination through the colon to an external pouch.

Nasoenteric Feeding Tube

A type of feeding tube that is inserted through the nose and extends into the intestines to deliver nutrition directly to the gastrointestinal tract.