Author Question: This year a new oil field with substantial reserves has been discovered. Such discoveries are not ... (Read 76 times)

cnetterville · **on:** Jul 1, 2018

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