Bringing oil to the market is a relatively long and costly process. The whole process from exploration to pumping significant amounts of oil can take years. What does this indicate about the price elasticity of supply for oil?
A) The elasticity coefficient is likely to be very high and supply is inelastic.
B) The elasticity coefficient is likely to be low and supply is highly inelastic.
C) The elasticity coefficient is likely to be low and supply is highly elastic.
D) The elasticity coefficient is likely to be close to zero and supply is perfectly elastic.
B
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By the 2000s, an important change in the mortgage market had occurred when ________ became significant participants in the secondary market for mortgages
A) Federal Reserve Banks B) commercial banks C) savings banks D) investment banks
Which of the following is true of the balance of payments accounts?
a. It records only the trade in tangible assets between any two nations. b. It is a record of a country's merchandise trade. c. It records the total external debt used to finance government budget deficits. d. It is recorded biannually in most developed countries. e. It records a country's trade in goods, services, and financial assets with the rest of the world.