This question is concerned with the supply of oil for central heating. In each case consider whether
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This question is concerned with the supply of oil for central heating. In each case consider whether there is a movement along the supply curve (and in which direction) or a shift in it (and whether left or right):
(a) new oil fields start up in production;
(b) the demand for central heating rises;
(c) the price of gas falls;
(d) oil companies anticipate an upsurge in the demand for central-heating oil;
(e) the demand for petrol rises;
(f) new technology decreases the costs of oil refining; (g) all oil products become more expensive.
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Related Book For
Essential Economics For Business
ISBN: 9781292728940
7th Edition
Authors: John Sloman, Elizabeth Jones
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