Which situation below would represent a shortage in the oil market?
A) Quantity demanded is 5.2 million;quantity supplied is 5.1 million.
B) Market price $75.00 per barrel;equilibrium price $81.00 per barrel.
C) Market price $81.00 per barrel;equilibrium price $75.00 per barrel.
D) Quantity supplied this year is 25% greater than quantity supplied last year.
Correct Answer:
Verified
Q134: A supply schedule is determined by the
Q135: When quantity demanded is greater than quantity
Q136: Which statement is true?
A)An effective price ceiling
Q137: What happens to quantity supplied when the
Q138: What happens to quantity demanded when price
Q140: If the price system is allowed to
Q141: If the government set a price ceiling
Q142: As price falls,quantity supplied
A)rises.
B)falls.
C)remains the same.
Q143: If the government imposes a maximum price
Q144: If the government set a price floor
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