Asked by
TreNique LaShae
on Dec 12, 2024
Verified
The supply of a resource, such as oil, is likely to be
A) equally elastic in both the short and long run.
B) more elastic in the long run than in the short run.
C) more elastic in the short run than in the long run.
D) determined by the demand for the resource.
Supply Of Resource
The total amount of a commodity, product, or service available for use, sale, or distribution.
Oil
A fossil fuel used primarily for energy production and as a raw material in the manufacture of plastics and other important chemicals.
- Contrast the elasticity of supply for diverse resources in both short and long-term perspectives.
Verified Answer
SR
Learning Objectives
- Contrast the elasticity of supply for diverse resources in both short and long-term perspectives.