Asked by
nakissa Koomalsingh
on Dec 05, 2024Verified
Gasoline,a derivative of oil,is a large part of transportation costs for many producers.If the price of oil increases at the same time that incomes fall for many consumers,one would expect the equilibrium price of many normal goods to _____,while their equilibrium quantities would _____.
A) fall;rise
B) fall,rise,or stay the same;decrease
C) decrease;fall,rise,or stay the same
D) fall;fall
Price Of Oil
The cost per barrel of crude oil, which fluctuates based on global market conditions, supply and demand, and geopolitical events.
Transportation Costs
Expenses associated with the movement of goods or people from one location to another.
- Examine the effects of technological advancements and costs of inputs on supply and the equilibrium of the market.
- Assess the impact that concurrent fluctuations in supply and demand have on the market's equilibrium price and quantity.
Verified Answer
SK
Learning Objectives
- Examine the effects of technological advancements and costs of inputs on supply and the equilibrium of the market.
- Assess the impact that concurrent fluctuations in supply and demand have on the market's equilibrium price and quantity.
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