Shifts in the supply of oil have caused large changes in price since the 1970s because
A) both the supply of oil and the demand for oil are inelastic over short periods of time.
B) the supply of oil and the demand for oil are perfectly elastic over short periods of time.
C) the supply of oil is very inelastic while the demand for oil is very elastic over short periods of time.
D) the supply of oil is very elastic while the demand for oil is inelastic over short periods of time.
A
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Of the following markets, which is most likely to be monopolistically competitive?
a. automobiles b. corn c. overnight package delivery d. air travel between a small city and a larger one e. fast food
If you put a $20 bill in the pocket of your winter coat at the beginning of spring so that you will be surprised when you find it again next winter, you are using money as
A. a unit of account. B. a store of value. C. a medium of exchange. D. bank reserves.