The supply of oil is likely to be
a. inelastic in both the short run and long run.
b. elastic in both the short run and long run.
c. elastic in the short run and inelastic in the long run.
d. inelastic in the short run and elastic in the long run.
d
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When one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms, what type of market is this?
A) perfect competition B) only monopoly C) oligopoly D) only monopolistic competition E) either monopoly or monopolistic competition
Refer to Table 7-1. Use the table above to select the statement that accurately interprets the data in the table
A) Rob has a comparative advantage in picking berries. B) Bill has a comparative advantage in catching fish. C) Rob has a comparative advantage in catching fish and picking berries. D) Bill has a comparative advantage in picking berries.