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This episode shows how supply and demand can behave differently in the
short run and in the long run. In the short run, both the supply and demand for oil
are relatively inelastic. Supply is inelastic because the quantity of known oil reserves
and the capacity for oil extraction cannot be changed quickly. Demand is inelastic
because buying habits do not respond immediately to changes in price.
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∙ 14y ago
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How does OPEC operate?
Strictly controls all the elderly people and how they produce oil
Why was OPEC sent up?
The OPEC was founded to unify petroleum policies and stabalize markets.
Is a monopoly good or bad for consumers?
Monopolies are typically considered bad for consumers.
Is the price of gold expected to keep rising?
The price of gold is expected to keep rising. This is because of the state of the economny, demand for gold, and the continuing decrease of the value of a dollar.
Why does gold get stronger with weaker dollar price?
Let me explain by the example of a single man, Gold get stronger with weaker dollar price because A person keep its reserves in a $ or Gold, When $ get weaker than he want to get Gold in exchange of $ so demand for gold increases and its price goes high. And when $ get stronger then he again wants to get $ in exchnge 4 gold so the process reverses.
How does OPEC operate?
Strictly controls all the elderly people and how they produce oil
How does Ghana's King keep the price of gold high?
I kept gold from poeple who wanted to steal it. so that's how the price was high
Why was OPEC sent up?
The OPEC was founded to unify petroleum policies and stabalize markets.
What is OPEC's reason for being invented?
To keep an eye on the movement of oil throughout the world and control it
Is oil in the middle east difficult and expensive?
No. OPEC has made a political and economic decision to pump out less oil than they could theoretically pump out to keep prices high and allow for more profit to go their companies. If an organization like OPEC existed for any other substance, it would be an international cartel subject to open prosecution.
Why do gas prices keep going up?
The production of oil is controlled by oil companies and the governments (as in OPEC) that own their countries' oil. They can sell it for whatever price they want, as long as someone will buy it. With increased demand from the developing nations and from China, the price of oil (and thereby gasoline) will likely continue to rise.
What is a situation where price of goods keep falling due to high supply of good?
Change in demand and supply
Why do people keep saying fail?
Because people like you fail all the time, asking this question is the biggest fail of them all.
How is Acer able to keep quality at a lower price?
Manufacturers don't want you to know that LCD screen prices have dropped significantly. Acer is able to get the same high price and high quality equipment, but for cheaper prices.
What are the disadvantages of OPEC?
The disadvantages of OPEC are not much. Since they hold most of the world's oil and gas supply, they do need buyers and clients. This, of course, are countries like the U.S. that heavily need and rely on Arab oil. Within OPEC, however, some of the disadvantages may include quarreling between members states that want more of a share in the profits of production.
How can break tie in high jump?
they just keep jumping and raising the bar or lowering it depending on if they pass the height or fail, more detailed answer found on the high jump wikihttp://en.wikipedia.org/wiki/High_jump#Declaring_the_winner
Why would a bad grade in a class keep a high school student from getting into a good college?
Bad grades in a class would keep a high school student from getting into college, because the student would struggle if not fail at the standard level of work, that is studied and expected from the college.
