Assume that the graphs show a competitive market for the product stated in the question. Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations.

Question

Assume that the graphs show a competitive market for the product stated in the question.   Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations.

Quizplus · Accepted Answer

The Answer of Assume that the graphs show a competitive market for the product stated in the question.   Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations.

Assume That the Graphs Show a Competitive Market for the Product