Solved

The Price of Natural Gas Doubles

Question 23

Multiple Choice

The price of natural gas doubles. What would happen to the quantity of the natural gas in a market system?


A) The quantity decreases because it is too expensive to produce.
B) The quantity increases because it is worthwhile to drill into lower quality fields.
C) The quantity increases because new natural gas is being created.
D) The quantity decreases because it is too expensive and people do not buy it.
E) The quantity stays the same because the price of a resource does not change the availability of that resource.

Correct Answer:

verifed

Verified

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

Related Questions

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