The rising price of oil has made it feasible to extract oil out of oily sand in Canada. Concerning the oil market this is an example of
A) a higher price elasticity of supply in the long run.
B) a higher price elasticity of supply in the short run.
C) a higher price elasticity of demand in the short run.
D) an inelastic long-run supply of oil.
A
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Because of the biases in calculating the CPI, actual inflation is
A) accurately measured. B) less than the measured inflation rate by about 1 percent per year. C) more than the measured inflation rate by about 1 percent per year. D) more than the measured inflation rate by about 1 percent per month.
What are menu costs?
A) the cost to a household of borrowing money when there is deflation B) the opportunity cost of dining in a restaurant instead of at home C) the costs to a firm of changing prices D) the full list of a firm's costs of production
(Last Word) The Glass-Steagall Act of 1933:
A. encouraged the creation of large, interconnected financial services firms. B. was a primary cause of the 2007-2008 financial crisis and subsequent recession. C. created banks "too big to fail" and "too big to jail." D. separated high-risk and low-risk financial activities across different firms.
Which of the following may shift the consumption schedule upward?
A. An increase in disposable income B. A decrease in interest rates C. A significant decrease in stock prices D. A decrease in people's ability to borrow