Why Was OPEC Unable to Maintain High Oil Prices in the Long

Multiple Choice

Why was OPEC unable to maintain high oil prices in the long run?

A) Demand and supply are both elastic in the long run compared to the short run.
B) Demand and supply are both inelastic in the long run compared to the short run.
C) Demand is elastic and supply is inelastic in the long run compared to the short run.
D) Demand is inelastic and supply is elastic in the long run compared to the short run.