Answer to Question #94902 in Microeconomics for Gurleen

Question #94902
a. The price of crude oil rises
b. The price of car rises
both events are occurring concurrently what is the effect of this on market price and quantity of gasoline us equilibrium digram to support the answer
1
Expert's answer
2019-09-24T08:37:19-0400

Crude oil is a raw material for gasoline therefore if its price rises the price of gasoline will also rise causing the demand for gasoline to fall


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS