The World View "Rebounding Oil Price Spurs More Rigs" related to oil prices and oil rigs suggests.
A. Oil rigs have found new supplies of oil, indicating that the demand for oil is inelastic.
B. As the price of oil rises, the quantity supplied falls.
C. As the price of oil increases, there is an increase in oil rigs and thus the amount of quantity supplied, indicating that supply is elastic.
D. Oil rigs around the world have had difficulty finding additional sources of oil, indicating that the elasticity of supply is inelastic.
Answer: C
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A) climate B) location C) ecology D) geography
The table above gives the domestic demand and supply schedules for a good. Suppose the world price of the good is $40 and the government imposes a $20 per unit tariff. How much will the government collect as tariff revenue?
A) $160 B) $360 C) $320 D) $240 E) $80
Oligopoly is
A) always efficient. B) efficient only if the firms cooperate. C) efficient only if the firms play non-repeated games. D) generally not efficient. E) efficient only if the firms innovate.
Which of the following is not included in a country's Gross Domestic Product (GDP)?
What will be an ideal response?