Oil refiners can vary the mix of gasoline versus diesel fuel derived from a barrel of oil. If the price of diesel fuel increases relative to the price of gasoline:
A) supply of gasoline will shift to the right.
B) supply of gasoline will shift to the left.
C) supply of both diesel fuel and gasoline will shift, but in opposite directions.
D) supply of diesel fuel will shift to the right.
Correct Answer:
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Q6: Change in the quantity demanded is caused
Q7: Change in the quantity supplied is caused
Q8: A demand curve expresses the relation between
Q9: The demand function for a product states
Q10: The supply curve expresses the relation between
Q12: Holding all else equal, an increase in
Q13: Change in the quantity supplied reflects a:
A)
Q14: The supply of a product does not
Q15: Demand for consumption goods and services is:
A)
Q16: Holding all else equal, an unnecessary increase
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