1. An increase in the expected price of oil would likely A. increase both the current demand and the current supply of oil. B. decrease both the current demand and current supply of oil. C. increase the current demand but decrease the current supply of oil. D. increase the current supply but decrease the current demand of oil. E. not affect the current demand nor current supply of oil.
1. An increase in the expected price of oil would likely A. increase both the current demand and the current supply of oil. B. decrease both the current demand and current supply of oil. C. increase the current demand but decrease the current supply of oil. D. increase the current supply but decrease the current demand of oil. E. not affect the current demand nor current supply of oil.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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1. An increase in the expected
A. increase both the current demand and the current supply of oil.
B. decrease both the current demand and current supply of oil.
C. increase the current demand but decrease the current supply of oil.
D. increase the current supply but decrease the current demand of oil.
E. not affect the current demand nor current supply of oil.
2. Which of the following will not shift a supply curve of a good?
A. A change in the price of relevant resources used to produce the good.
B. A change in the good's price.
C. A change in the technology used in producing the good.
D. A change in the number of sellers of the good.
E. A change in taxes affect this good's industry.
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