The process involved in bringing oil to world markets can take years. Substitutes for oil-based products such as gasoline are limited. As a result
A) the supply of oil is very inelastic and the demand for gasoline is inelastic over short periods of time.
B) the supply of oil is very elastic and the demand for oil is very elastic over short periods of time.
C) the supply of oil and the demand for oil shift to the right over short periods of time.
D) the supply of oil and the demand for oil are both perfectly elastic over short periods of time.
A
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The supply of labor curve
A) has a negative slope. B) is independent of the wage rate. C) shows how much labor workers are willing to supply at various real wage rates. D) is usually vertical.
In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/3 of a pair of pants in an hour. If there are 500 workers in the factory, then the maximum number of shirts that can be made in an hour is
a. 100 b. 200 c. 50 d. 250 e. 300