If this is a closed economy, the number of TVs exchanged will be ________.

Refer to Figure 11.1. Assume the economy is in equilibrium at 1 = 0. Other things equal, an unexpected large increase in the price of oil will result in a movement from point ________ to point ________

A) A; B B) B; A C) A; C D) A; D

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.