If the price of crude oil falls, the equilibrium price of petrol ________ and the equilibrium quantity________.

Name: If the price of crude oil falls, the equilibrium price of petrol ________ and the equilibrium quantity________.
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Question

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When the price of crude oil falls, the cost of producing petrol decreases, leading to a lower equilibrium price and a higher equilibrium quantity as suppliers can produce and sell more at a lower price.

If the Price of Crude Oil Falls, the Equilibrium Price