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Over longer periods of time, increases in oil prices provide firms with incentives to explore and ...

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Over longer periods of time, increases in oil prices provide firms with incentives to explore and ...

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

Edition: 7^th

Authors: Hubbard, O'Brien

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More solutions for this book are available here

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Begonia Author

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I appreciate what you did here, answered it correctly Smiling Face with Open Mouth

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