If the current price of oil is $44 per barrel, the quantity of oil demanded is A million barrels, the quantity supplied is A million barrels, and the quantity bought is A million barrels. There is excess (demand/supply) A in the market, and the price is expected to (rise/fall)

If the current price of oil is $44 per barrel, the quantity of oil demanded is A million barrels, the quantity supplied is A million barrels, and the quantity bought is A million barrels. There is excess (demand/supply) A in the market, and the price is expected to (rise/fall)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 16RQ: What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the...

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Question

The figure shows a market for oil.
Price ($/barrel)
72
64
56
48
40
D
80
84
88
92
Quantity (million barrels)
If the current price of oil is $44 per barrel, the quantity of oil demanded is
A million barrels, the quantity supplied is
A million
barrels, and the quantity bought is
AA million barrels. There is excess
(demand/supply)
A in the market, and the price is expected
to (rise/fall)

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