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Oil/Petroleum industry's price elasticity of supply and demand
*Research the Oil/Petroleum industry's price elasticity of supply and demand.- Is price elasticity of demand considered elastic or inelastic?- Are there substitutes available- Is the good a luxury or a necessity- What is the price elasticity of supply
*Research any negative or positive externalities the Oil/Petroleum industry produces.- Research any negative or positive externalities the industry produces.- Does the transaction of a buyer and seller directly affect a third party?- Is the effect a negative or positive externality?- How does the externality impact the economy?- Research whether the industry produces public goods or private goods, or is anatural monopoly.- Are the goods or resources rival, excludable, or neither?
*Research how wage inequality is measured and if it is present in the Oil/Petroleum industry.- Describe any current or past news events related to wage inequality.- What was the industry's method for determining that there was an inequality?
*Research monetary and/or fiscal policies that have affected the Oil/Petroleum industry.- How have these policies affected the employment rates for your chosen industry?- How have these policies affected the growth of the industry?- How have these policies affected the prices of the product the industry produces?
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