Solved

-The Above Figure Represents the Market for Oil

Question 223

Multiple Choice

-The above figure represents the market for oil. Because of the development of a new deep sea drilling technology the A) demand curve shifts from D<sub>1 </sub>to D<sub>2 </sub>and the supply curve shifts from S<sub>1</sub><sub> </sub>to S<sub>2</sub>. B) demand curve shifts from D<sub>1 </sub>to D<sub>2 </sub><sub> </sub>and the supply curve does not shift. C) demand curve does not shift, and the supply curve shifts from S<sub>2</sub><sub> </sub>to S<sub>1</sub>. D) demand curve does not shift, and the supply curve shifts from S<sub>1</sub><sub> </sub>to S<sub>2</sub>.
-The above figure represents the market for oil. Because of the development of a new deep sea drilling technology the


A) demand curve shifts from D1 to D2 and the supply curve shifts from S1 to S2.
B) demand curve shifts from D1 to D2 and the supply curve does not shift.
C) demand curve does not shift, and the supply curve shifts from S2 to S1.
D) demand curve does not shift, and the supply curve shifts from S1 to S2.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q218: If the price of chocolate chip cookies

Q219: -Consider the figure</p></div><svg width=

Q220: Which of the following shifts the supply

Q221: -In the figure</p></div><svg width=

Q222: Which of the following increases the quantity

Q224: -In the figure</p></div><svg width=

Q225: An increase in the cost of producing

Q226: A rise in the price of a

Q227: The price of jet fuel falls. This

Q228: -The figure above</p></div><svg width=

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents