The price of gasoline has risen and the quantity sold has fallen.This was likely caused by
A)a rise in the price of crude oil.
B)a seasonal rise in the demand for gasoline.
C)use of a new public transit system.
D)the discovery of crude oil in New Jersey.

Question

Quizplus · Accepted Answer

The rise in the price of gasoline is likely caused by a rise in the price of crude oil, as gasoline is derived from crude oil. The fall in quantity sold could be due to consumers reducing their consumption due to the higher prices.

The Price of Gasoline Has Risen and the Quantity Sold