Step 1 : Introduction to the question "over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil. what does this indicate about the long-run price elasticity of supply for oil?"
...The rate of a chemical reaction is influenced by many different factors, such as temperature, pH, reactant and product concentrations and other effectors. The degree to which these factors change the reaction rate is described by the elasticity coefficient.
