If there is a surplus in the oil market, then the price of oil will:

A. rise.
B. fall.
C. remain unchanged.
D. react unpredictably.


Answer: B

Economics

You might also like to view...

If the price elasticity of demand for a good equals one, then the demand for that good is:

A. inelastic. B. elastic. C. unit elastic. D. perfectly elastic.

Economics

The distribution of income is not a zero-sum game

Indicate whether the statement is true or false

Economics

Buyers and sellers neglect the external effects of their actions when deciding how much to demand or supply

a. True b. False Indicate whether the statement is true or false

Economics

The demand for which of the following commodities is likely to be most price inelastic?

A. Hamburgers B. Food C. Big Macs D. Sandwiches

Economics