Multiple Choice
The World View "Rebounding Oil Price Spurs More Rigs" related to oil prices and oil rigs suggests.
A) As the price of oil rises,the quantity supplied falls.
B) As the price of oil increases,there is an increase in oil rigs and thus the amount of quantity supplied,indicating that supply is elastic.
C) Oil rigs around the world have had difficulty finding additional sources of oil,indicating that the elasticity of supply is inelastic.
D) Oil rigs have found new supplies of oil,indicating that the demand for oil is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: If the price increases by 10 percent,and
Q3: For inferior goods,when incomes rise the demand
Q4: If demand is perfectly elastic,<br>A)The demand curve
Q5: The price elasticity of demand is equal
Q6: Which of the following does not influence
Q7: Which of the following is likely to
Q8: How does advertising influence the demand for
Q9: Demand is more inelastic for luxury goods.
Q10: Nobel Prize-winning economist Gary Becker corrected President
Q11: If income falls 4 percent for a