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Begonia Begonia
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5 years ago
Over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil. What does this indicate about the long-run price elasticity of supply for oil?

• The elasticity coefficient is likely to be higher in the long run than in the short run.

• The elasticity coefficient is likely to be lower in the long run than in the short run.

• The elasticity coefficient approaches 0 in the long run as supplies are depleted.

• The elasticity coefficient is unstable in the long run because oil supplies may be depleted.
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Microeconomics

Microeconomics


Edition: 7th
Authors:
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purplepanda1516purplepanda1516
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Begonia Author
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5 years ago
I appreciate what you did here, answered it correctly Smiling Face with Open Mouth
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