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Course: Microeconomics - Production Theory In the oil market, if supply contracts, explain why the result depends on the horizon analyzed: short or long term.

Course: Microeconomics - Production Theory

In the oil market, if supply contracts, explain why the result depends on the horizon analyzed: short or long term. If you were a producer in this market, when thinking about sales revenue, in which time horizon would you prefer to decrease your production and why.Help: think about the concept of elasticity.

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