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:

Selective Abstraction

A cognitive distortion that involves focusing solely on certain negative aspects of a situation while ignoring the positive aspects.

Cognitive Distortion

Faulty or biased ways of thinking about oneself and the world that are often negative and irrational.

Token Economy

A behavior modification system used in settings such as classrooms or psychiatric hospitals, where individuals earn tokens for exhibiting desired behaviors.

Chronic Schizophrenia

A long-term, severe, and disabling brain disorder characterized by delusions, hallucinations, and disordered thinking and behavior.