This year a new oil field with substantial reserves has been ...

[cnetterville]

This year a new oil field with substantial reserves has been discovered. Such discoveries are not made every year. Therefore an increase in the demand for oil will:
 
  A) increase the long-run price of oil more than the short-run price of oil.
  B) increase the long-run price of oil less than the short-run price of oil.
  C) ensure the long-run price of oil and short-run price of oil increase by the same amount.
  D) ensure that the short-run price of oil falls.
  E) ensure that the short-run price of oil remains unchanged.

Question 2

By 2011, how much had U.S. housing prices declined from their peak in 2006?
 
  A) 2 percent
  B) 33 percent
  C) 40 percent
  D) 50 percent

[matt]

Answer to Question 1

B

Answer to Question 2

A

[cnetterville]

Excellent

[scottmt]

Gracias!