Demand and Supply Curves. The following relations describe demand and supply conditions in the oil industry:
where Q is quantity measured in millions of barrels and P is price in dollars.
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Q16: Holding all else equal, an unnecessary increase
Q17: Surplus is a condition of:
A) excess supply.
B)
Q18: Utility is measured by:
A) wealth.
B) price.
C) value
Q19: If demand increases while supply decreases for
Q20: The effect on sales of an increase
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Q23: If demand and supply both increase, the:
A)
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