[Solved] Why Is the Supply Curve for Oil Rather Inelastic

Question 123
Multiple Choice

Why is the supply curve for oil rather inelastic?

A) There are not many widely available good substitutes for oil.
B) To increase the production of oil would require a very significant outlay in terms of costs of exploration and drilling.
C) The world supply of oil is decreasing.
D) The supply curve for oil is always perfectly inelastic.

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