Exploring Macroeconomics
8th Edition
ISBN: 9781544337722
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 4, Problem 13P
To determine
(a)
To determine the impact on the market of oil if OPEC becomes more effective in limiting the supply of the oil
To determine
(b)
To determine the impact on oil market if OPEC becomes less effective in limiting the supply of the oil
To determine
(c)
To determine the impact on market of oil if the price for natural gas (substitutes of heating oil) rises.
To determine
(d)
To determine the impact on oil market if there is a new discovery of oil in Alaska
To determine
(e)
To determine the impact on oil market if the electric and hybrid cars become subsidized and their prices falls
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Which of the following would cause a supply curve to shift to the left?
A. The cost of resources needed to produce a good increases.
B. The government lowers taxes on the import of a good.
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Chapter 4 Solutions
Exploring Macroeconomics
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Similar questions
- Due to technological advancements,the cost of producing electric cars has decreased significantly.How will this impact the market for electric cars? A. It will cause a leftward shift in the supply curve. B. It will cause a rightward shift in the supply curve. C. It will cause a movement up along the demand curve. D. It will cause a movement down along the demand curve.arrow_forwardWhich of the following statements is correct? A. Supply will usually increase in response to an increase in demand. B. A change in supply is a change in quantity offered in response to a change in price. C. A change in supply is due to a change in those things held constant in constructing a specific supply curve. D. A movement from one point to on a supply curve to another on the same curve can occur in response to a change in the technology of productionarrow_forwardCarefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity. Scenario 2:arrow_forward
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