Suppose the price of crude oil used to produce gasoline rises significantly. At the same time, consumers purchase hybrid cars in great numbers. In the market for gasoline, demand shifts to the ________ and supply shifts to the ________
A) left, left
B) left, right
C) right, left
D) right, right
Answer: A
You might also like to view...
If the graph shown is displaying a competitive market and the market is currently offering a wage more than P*:
A. there would be a surplus of workers who want to work at that wage.
B. there would not be unemployment in the market.
C. firms would have a hard time finding workers.
D. equilibrium would be achieved.
An argument is sometimes made that moderate inflation may help the economy by making which of the following more flexible?
a. interest rates b. wages in labor markets c. surpluses d. shortages
The optimal time for the implementation of contractionary fiscal policy would be
a. before inflation accelerated. b. after inflation accelerated. c. after unemployment increased. d. after the price level had risen significantly.
Economics deals with
A) how to profit from the stock market. B) how to satisfy limited human wants. C) how society allocates unlimited resources. D) how individuals allocate scarce resources to satisfy unlimited human wants.