A) The supply of oil is very elastic over short time periods but becomes perfectly inelastic over time.A given shift in supply results in a greater increase in the price of oil when the supply of oil is perfectly inelastic.
B) The supply of oil is very inelastic over short time periods but becomes more elastic over time.A given shift in supply results in a smaller increase in the price of oil when the supply is more elastic.
C) The supply of oil is perfectly inelastic;therefore,as the demand for oil increases over time,the price of oil increases significantly.
D) Over short periods of time,increases in the demand for oil are greater than increases in the supply of oil.Over the long run,increases in the demand and the supply of oil are about equal.As a result,the price of oil increases greatly in the short run but is stable in the long run.
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If price elasticity of demand is -0.35,a...View Answer
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A) Boutique hotel rooms are inferior goods.
B) Demand is inelastic.
C) The demand curve for your hotel rooms is vertical.
D) Demand is elastic.
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A) the percentage change in quantity demanded by the percentage change in price.
B) the percentage change in price by the percentage change in quantity demanded.
C) rise by the run.
D) the average price by the average quantity demanded.
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A) the responsiveness of quantity demanded to changes in income.
B) how a consumer's purchasing power is affected by a change in the price of a product.
C) the percentage change in the price of a product divided by the percentage change in consumer income.
D) the income effect of a change in price.
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