Long run equilibrium price of oil as world demand expands

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Do you think that the long run equilibrium price of oil as world demand expands will behave in a fashion similar to the long run equilibrium price of motorcycles as world demand for them expands? (Assume in each case no further changes in known techniques of production and also assume that the long run equilibrium price stays close to minimum average total cost in both industries even though they are not perfectly competitive.) Explain your answer.

Reference no: EM13736895

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