If the price of automobiles were to increase substantially,the demand curve for gasoline would most likely
A) shift leftward.
B) shift rightward.
C) remain unchanged.
D) become steeper.

Question

Quizplus · Accepted Answer

An increase in the price of automobiles would decrease the demand for automobiles, as they are now more expensive. This would lead to a decrease in the demand for gasoline, as there are now fewer cars on the road. Therefore, the demand curve for gasoline would shift leftward.

If the Price of Automobiles Were to Increase Substantially,the Demand