The effect on the market for heating oil of a leftward shift of supply would be
A. a shortage of heating oil.
B. a surplus of heating oil.
C. a decrease in the quantity of heating oil sold and in its price.
D. an increase in the price of heating oil and a decrease in the quantity sold.
D. an increase in the price of heating oil and a decrease in the quantity sold.
You might also like to view...
Refer to the table below. Based on their comparative advantage, Martha should specialize in ________ while Julia should specialize in ________. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes; pies B. neither pies nor cakes; both pies and cakes C. pies; cakes D. both pies and cakes; neither pies nor cakes
It was illegal for Microsoft to contract with computer manufacturers to pay for Microsoft operating systems for all the computers they produced, rather than paying for only the computers on which Microsoft operating systems were installed
Indicate whether the statement is true or false
If I trade a ginger snap for a chocolate chip cookie, I am engaging in
a. barter b. comparative advantage c. absolute advantage d. privatization e. division of labor
If the marginal propensity to consume, MPC, is less than 1 and a household's disposable income increases by $2,000, the household's consumption will _____
a. increase by less than $2,000 b. increase by $2,000 c. decrease if the total income of the household is above $100,000 d. remain the same unless the change in income significantly affects the household's wealth e. increase by more than $2,000