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This year a new oil field with substantial reserves has been discovered. Such discoveries are not made every year. Therefore an increase in the demand
This year a new oil field with substantial reserves has been discovered. Such discoveries are not made every year. Therefore an increase in the demand for oil will?
ensure that the short-run price of oil remains unchanged.
ensure that the short-run price of oil falls.
increase the long-run price of oil more than the short-run price of oil.
ensure the long-run price of oil and short-run price of oil increase by the same amount.
increase the long-run price of oil less than the short-run price of oil.
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