In the summer of 2008, the price of oil reached a peak of $147 a barrel, with
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In the summer of 2008, the price of oil reached a peak of $147 a barrel, with gasoline reaching more than $4.00 per gallon in much of the United States. The global financial crisis struck in September 2008, which ushered in a worldwide recession. The price of oil fell to below $60 per barrel, and gasoline fell to less than $2.00 per gallon in much of the United States. Recessions result in large numbers of people losing jobs and thus having reduced incomes. Do oil and gasoline appear to be normal goods?
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The demand for a normal good will increase when buyer income incr...View the full answer
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