If the price of crude oil increases and the number of people who own cars falls:
A) the equilibrium price of gasoline will increase and equilibrium quantity of gasoline will decrease.
B) the equilibrium price of gasoline will decrease and equilibrium quantity of gasoline will be uncertain.
C) the equilibrium price of gasoline will be uncertain and equilibrium quantity of gasoline will decrease.
D) the equilibrium price of gasoline will be uncertain and equilibrium quantity of gasoline will increase.
Correct Answer:
Verified
Q15: The income elasticity of demand for dental
Q16: Suppose that the demand and supply curves
Q17: (Figure: Market for Rubber Balls) According to
Q18: Suppose that the market demand curve for
Q19: The inverse supply equation for clay pots
Q21: In the market for good X, demand
Q22: Which of the following statements is TRUE?
A)
Q23: (Figure: Demand Shifts II) Using the figure,
Q24: The inverse supply equation for clay pots
Q25: In the standard model, we expect the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents