Letting the price of oil rise will likely reduce quantity demanded and increase quantity supplied.

Question

Quizplus · Accepted Answer

When the price of oil rises, it becomes more expensive for consumers and businesses to purchase, thus reducing the quantity demanded. At the same time, higher prices incentivize oil producers to increase their supply, which leads to an increase in the quantity supplied. This is the basic law of supply and demand in action.

Letting the Price of Oil Rise Will Likely Reduce Quantity