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Keywords: substitution
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Proceedings Papers

Paper presented at the SPE Hydrocarbon Economics and Evaluation Symposium, April 11–12, 1991
Paper Number: SPE-22034-MS
..." in OPEC. 4) Empirical estimates of long-run price elasticity of supply and demand are usually too small. Persistent price trends often cause surprisingly large changes in quantity supplied and demanded. Real prices of many minerals and mineral products have historically declined because of substitution...

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