The market mechanism is more efficient in allocating resources between time periods than it is in allocating resources among different industries.

The Lucas supply function incorporates the idea that output depends on the difference between the actual price level and the expected price level.

Answer the following statement true (T) or false (F)

The OPEC oil cartel has difficulty maintaining high prices in the long run because the supply of oil is more inelastic in the long run than in the short run

a. True b. False Indicate whether the statement is true or false