Solved

-The Above Figure Represents the Market for Oil

Question 232

Multiple Choice

-The above figure represents the market for oil. When a hurricane destroys a major refinery the A) demand curve for oil does not shift, and the supply curve for oil shifts from S<sub>2</sub><sub> </sub>to S<sub>1</sub>. B) demand curve for oil shifts from D<sub>1 </sub>to D<sub>2 </sub>and the supply curve for oil shifts from S<sub>2 </sub>to S<sub>1</sub>. C) demand curve for oil does not shift, and the supply curve for oil shifts from S<sub>1</sub><sub> </sub>to S<sub>2</sub>. D) demand curve for oil shifts from D<sub>1 </sub>to D<sub>2</sub><sub> </sub>and the supply curve for oil does not shift.
-The above figure represents the market for oil. When a hurricane destroys a major refinery the


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

Correct Answer:

verifed

Verified

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

Related Questions

Q227: The price of jet fuel falls. This

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

Q229: Which of the following influences does NOT

Q230: Which of the following best reflects an

Q231: Which of the following will increase the

Q233: -The above figure</p></div><svg width=

Q234: -In the figure</p></div><svg width=

Q235: Consider the market for broccoli. If the

Q236: Which of the following statements is TRUE?
A)

Q237: -In the figure</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