# In the market for oil in the short run. demand

13. In the short-term oil market, what is supply and demand? a. both rubber bands b. both inelastic c. demand is elastic and supply is inelastic d. demand is inelastic and supply is elastic 14. Why do Werther’s original sweets tend to have elastic demand? a. because the candy market is very large b. because there are many close substitutes for Werther’s c. because Werther’s original sweets are seen by some as a necessity d. because it is usually consumed quickly and therefore the time horizon is short 15. If the price elasticity of demand for a good is 4.0, what would result from a 10% price increase? a 4% decrease in quantity demanded b. a 10% decrease in quantity demanded a 40% decrease in quantity demanded d. a 400% decrease in quantity demanded 16. If a demand curve is vertical, what is its slope and elasticity? a. indefinite and elasticity equal to 0 b. The elasticity and is indefinite c. indefinite, as well as elasticity d. 0, as well as the elasticity at C.

Answer 13: (d) demand is inelastic and supply is elastic. This one
because there are very few substitutes for fossil fuels,
demand is relatively inelastic. But most providers are
OPEC members, and they can easily alter the supply to
manipulate prices.
Answer 14: (b) because there are many close substitutes for
of Wether. This means that if Werther’s price changes even
by a small unit, then there will be a big change in the quantity
necessary, as consumers have many other options.
Answer 15. (c) a 40% decrease in quantity requested.
Elasticity is the percentage change in quantity divided by the percentage change
in price. So 4 = percentage change in quantity divided by 10.
So percentage change in quantity = 4*10 = 40%
lessen.
Answer 16: (d) 0, plus elasticity. The slope of any vertical
the line is 0 and the elasticity is also 0 because a vertical demand curve
means that the quantity demanded will remain the same, regardless of the
prices.

Related Posts
How to become a Fundraising Manager?

How do I become a fundraiser? If you want to become a fundraising manager, this profession comes with great responsibilities. Let us know more about How to Become a Fundraising Manager? and some other related details. If you want to become a fundraising manager, this profession comes with great responsibilities. The responsibility of fundraising managers is to oversee all fundraising functions for the company or organizations they work for. It can be said that behind a successful business there is the expert hand of the fundraiser. Thanks to their advice, the company makes a profit.Who is a fundraising manager?A fundraising manager is a person who has leadership quality and holds a senior position in a fundraising or development company. Fundraising and fundraising have a little difference. a fund development manager has the role of strategically directing fundraising, while fundraising means raising money for the business. The manager's job is to develop and execute strategies for the organization the manager works for. they also involve the varieties of strategic planning of fundraising actions. Proper planning and visualization of fundraising campaigns is also handled by the fundraising manager. A manager's job varies from day to day depending on the type of fundraising Read more

How to Become a Jet Engine Mechanic?

How to become a jet engine mechanic? The job of the jet engine mechanic of the era is to check and maintain the aircraft equipment and repair if there is a problem with the aircraft and to operate the aircraft properly and in good condition. completely safe. Let us know more about Jet Engine MEchanics in this article. The jet engine mechanic's job for the day is to check and maintain aircraft equipment and repair if there is a problem with the aircraft and to operate the aircraft properly and safely. security. includes responsibilities to inspect the aircraft and maintain aircraft maintenance. They are experts in repairing and identifying the problem by seeing the symptoms on the aircraft. They may be involved in work on small planes, large planes and helicopters.Responsibilities of a Jet Engine MechanicJet mechanics have to inspect and examine different components of the plane to see if they are working properly or not.They should also check the landing gear and hydraulics, and see if there are any cracks, breaks, leaks, and other common issues on an aircraft.The jet mechanic must be able to read and explain the aircraft maintenance issue and other aircraft technical issues.While servicing an Read more