In an economy where nominal incomes adjust equally to changes in the price level, we would expect the long-run aggregate supply curve to be:

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.

Say's law argues that I. overproduction is typical in a market economy. II. supply creates its own demand

A) I only B) II only C) Both I and II D) Neither I nor II