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Which of the following events will cause a leftward shift in the supply curve of gasoline?
A) A decrease in the price of gasoline
B) An increase in the wage rate of refinery workers
C) Decrease in the price of crude oil
D) An improvement in oil refining technology
E) all of the above
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.
Gasoline
A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.
Refinery Workers
Individuals employed in the industrial process of converting raw materials, such as crude oil, into more valuable products like gasoline and diesel.
- Examine the impact of governmental regulations on the supply and demand within markets.
- Analyze the effects of variations in input costs on the supply curve.
Verified Answer
Learning Objectives
- Examine the impact of governmental regulations on the supply and demand within markets.
- Analyze the effects of variations in input costs on the supply curve.
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