Why is the supply of oil more price elastic in the long run?
A) New deposits are found.
B) Better extraction technology is developed.
C) Firms have the ability to change the amount of all inputs.
D) All of the above.
D
Economics
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Seventeen European countries use the euro as their common currency. This arrangement is best described as a:
A) currency union. B) free trade area. C) common market. D) monetary union.
Economics
When a commercial bank borrows from a Federal Reserve bank,
a. the commercial bank's reserves are reduced. b. the commercial bank's lending ability is increased. c. the money supply automatically declines. d. the net worth of the bank will decline, indicating that the bank is having financial difficulties.
Economics