Crude oil is an important input in producing gasoline. If the price of crude oil rises, the
A) price of gasoline rises due to increased demand.
B) price of gasoline falls due to increased demand.
C) price of gasoline rises due to decreased supply.
D) equilibrium quantity of gasoline falls due to increased supply.
E) equilibrium quantity of gasoline rises due to increased demand.
Correct Answer:
Verified
Q155: If consumers' incomes increase, the price of
Q156: The number of working mothers has increased
Q157: If the price of Pepsi falls, the
Q158: The price of a product falls if
A)
Q159: The price of a product rises if
A)
Q161: When supply decreases, price rises and quantity
Q162: Prices fall if supply increases.
Q163: Which event leads to a rise in
Q164: If the price of Pepsi rises, we
Q165: If the price of gasoline rises, the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents