The World View "Rebounding Oil Price Spurs More Rigs" related to oil prices and oil rigs suggests.
A)As the price of oil rises,the quantity supplied falls.
B)As the price of oil increases,there is an increase in oil rigs and thus the amount of quantity supplied,indicating that supply is elastic.
C)Oil rigs around the world have had difficulty finding additional sources of oil,indicating that the elasticity of supply is inelastic.
D)Oil rigs have found new supplies of oil,indicating that the demand for oil is inelastic.

Question

Quizplus · Accepted Answer

The article states that the rebound in oil prices has led to an increase in oil rigs which in turn increases the amount of oil supplied. This suggests that supply is elastic and can be adjusted in response to changes in price.

The World View "Rebounding Oil Price Spurs More Rigs" Related