The rising price of oil has made it feasible to extract oil out of oily sand in Canada. Concerning the oil market this is an example of

A) a higher price elasticity of supply in the long run.
B) a higher price elasticity of supply in the short run.
C) a higher price elasticity of demand in the short run.
D) an inelastic long-run supply of oil.

A

Economics

You might also like to view...

The main problem with using groundwater to increase water supplies is that

a. Groundwater tends to be contaminated with pesticides b. Groundwater is normally found in countries that already have sufficient supplies c. Groundwater aquifers are being rapidly depleted d. Groundwater tends to be too salty e. Groundwater tends to be too expensive

Economics

Which of the following best represents collectivization costs?

A) Dinesh has to spend time and effort to make sure that the chemical factory is living up to the agreed upon bargain that it will reduce the pollution it is releasing into the local river by 50 percent. B) Laila needs to come up with enough cash to pay the owners of the paper manufacturing plant, its attorneys, accountants, and negotiators so that a bargain can be reached with the paper manufacturer to reduce air pollution. C) Esperanza has to spend time and effort locating and organizing all the other people who have been adversely affected by the strong odors emanating from the local slaughterhouse in order to initiate the bargaining process. D) Rafael has to spend time determining whether the fertilizer manufacturer, the lead smelter, or the oil refinery is the cause of pollution seeping into the groundwater in his local community.

Economics