Which of the following statements is true? O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly. O The supply of oil...

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Extracted text: Which of the following statements is true? O The supply of oil is perfectly inelastic; therefore, as the demand for oil increases over time the price of oil increases signihcantly. O The supply of oil is very inelastic over short time periods but becomes more elastic over time. A given shift in supply results in a smaller increase in the price of oil when the supply is more elastic. The supply of oil is very elastic over short time periods but becomes perfectly inelastic over time. A given shift in supply results in a greater increase in the price of oil when the supply of oil is perfectly inelastic. O Over short periods of time increases in the demand for oil are greater than increases in the supply of oil. Over the long run increases in the demand and the supply of oll are about equal. As a result, the price of ol increases greatly in the short run but is stable in the long run.