The price of gasoline rises sharply. One likely outcome is that the demand curve for hybrid vehicles should shift downward and to the left.

Name: The price of gasoline rises sharply. One likely outcome is that the demand curve for hybrid vehicles should shift downward and to the left.
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Question

Quizplus · Accepted Answer

When gasoline prices rise, the demand for hybrid vehicles typically increases as consumers look for more fuel-efficient options, causing the demand curve to shift to the right, not left.

The Price of Gasoline Rises Sharply