OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short run
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49The marginal cost if the 4th mug per day is ________.
A. $7 B. $5 C. $8 D. $32
A system of nonattenuated (uncompromised) property rights is compatible with the achievement of economic efficiency
Indicate whether the statement is true or false
If the demand for online banking decreases, we would expect to see the
A. supply of workers that produce online-banking services to decrease. B. demand for workers that produce online-banking services to increase. C. supply of workers that produce online-banking services to increase. D. demand for workers that produce online-banking services to decrease.
An example of a government-imposed barrier to entry gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. This entry barrier is known as
A) a copyright. B) a patent. C) an exclusive marketing agreement. D) a tariff.