plz solve the question 20-30 min max urgently with explanations and I will give you multiple upvotes. Which of the following statements is true?O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly.O The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the price of oilwhen the supply is more elastic.The supply of oil is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the price ofoil when the supply of oil is perfectly inelastic.O Over short periods of time increases in the demand for oil are greater than increases in the supply of oil. Over the long run increases in the demand and the supplyof oll are about equal. As a result, the price of ol increases greatly in the short run but is stable in the long run.

Elasticity of supply shows the responsiveness of quantity supplied with respect to price. Higher the…

Which of the following statements is true? O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly. O The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the pr when the supply is more elastic. O The supply of ol is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the oil when the supply of oil is perfectly inelastic. O Over short periods of time increases in the demand for ol are greater than increases in the supply of oil. Over the long run increases in the demand and t of oil are about equal. As a result, the price of ol increases greatly in the short run but is stable in the long run.

Which of the following statements is true? O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly. O The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the pr when the supply is more elastic. O The supply of ol is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the oil when the supply of oil is perfectly inelastic. O Over short periods of time increases in the demand for ol are greater than increases in the supply of oil. Over the long run increases in the demand and t of oil are about equal. As a result, the price of ol increases greatly in the short run but is stable in the long run.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: The price of coffee rose sharply last month, while the quantity sold remained the same. Five people...

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