Solved

-The Above Figure Shows the Market for Petrol

Question 77

Multiple Choice

-The above figure shows the market for petrol. When a cyclone destroys a major refinery that refines oil into petrol, the A) demand curve for petrol shifts from D1 to D2 and the supply curve of petrol shifts from S2 to S<sub>1</sub>. B) demand curve for petrol does not shift, and the supply curve of petrol shifts from S1 to S2. C) demand curve for petrol does not shift, and the supply curve of petrol shifts from S2 to S1. D) demand curve for petrol shifts from D1 to D2 and the supply curve of petrol does not shift.
-The above figure shows the market for petrol. When a cyclone destroys a major refinery that refines oil into petrol, the


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

Correct Answer:

verifed

Verified

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

Related Questions

Q72: -In the figure</p></div><svg width=

Q73: If a producer can use resources to

Q74: When the demand for a good decreases,

Q75: The quantity demanded of a good or

Q76: Which of the following statements is correct?
A)When

Q78: When the price of a pizza decreases

Q79: Beef and leather belts are complements in

Q80: -In the above</p></div><svg width=

Q81: An unusually warm winter shifts the
A)demand curve

Q82: Coffee and sugar are complements. If a

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