A temporary decrease in the price of oil would be considered a:
A. long-run supply shock.
B. demand shock.
C. short-run supply shock.
D. The changing price of oil would not affect any of these.
Answer: C
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If a bank's net worth is negative, then the bank definitely is
A) liquid. B) insolvent. C) illiquid. D) solvent.
The additional benefits that arise by using an additional unit of the managerial control variable is defined as the:
A. opportunity cost. B. marginal benefit. C. total benefit. D. present value of benefits.
A transfer payment is a payment by the government to an individual
A) for a service. B) for an investment good. C) for a consumption good. D) for which the government does not receive a good or service in return. E) for a debt owed.
In the above table, when output is 8 units, average variable costs are
A. $4.50. B. $3.50. C. $1.25. D. $4.75.