FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. During the pandemic, people drove less. Therefore the demand for gas shifted in. What would you expect to happen to the equilibrium price and

image text in transcribed
1. During the pandemic, people drove less. Therefore the demand for gas shifted in. What would you expect to happen to the equilibrium price and quantity of oil which is used to manufacture gasoline compared to the previous equilibrium? Price Quantity 3 Increase Increase b Increase Decrease c Decrease Increase d Decrease Decrease

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Local Disaster Resilience Administrative And Political Perspectives

Local Disaster Resilience Administrative And Political Perspectives

Authors: Ellen Russell, Ashley D Ross

1st Edition

1135910618, 9781135910617

More Books

Students also viewed these Economics questions

Question

★★★★★
In July 2013, Zinger Corp. purchased 20,000 gallons of Numerol for $ 61,000 to use in the production of product # 43MR7. During July, Zinger Corp. manufactured 3,900 units of product # 43MR7. The...

Answered: 1 week ago

Question

★★★★★
4 Describe how effective organizations manage their culture.

Answered: 1 week ago

Question

★★★★★
Is this item worth the time I spent to earn the money to pay for it?

Answered: 1 week ago

Question

★★★★★
On September 30, 2016, Regal Bank loaned $92,000 to Kim Warner on a one-year, 6% note. Regals fiscal year ends on December 31. Requirements 1. Journalize all entries for Regal Bank related to the...

Answered: 1 week ago

Question

★★★★★
Internal Rate of Return MethodTwo Projects Munch N Crunch Snack Company is considering two possible investments: a delivery truck or a bagging machine. The delivery truck would cost $30,499.04 and...

Answered: 1 week ago

Question

★★★★★
What is the mean forecast for Abercrombies earnings per share over the next fiscal year?

Answered: 1 week ago

Question

★★★★★
The manager of the Midtown hotel is in the process of redesigning the company's reservation system. The hotel has 300 rooms divided into 200 regular double-bed rooms and 100 luxury rooms. The prices...

Answered: 1 week ago

Question

★★★★★
If a country has a very low per-capita GDP, say around $3,000, would that mean that a seller of luxury products, such as Gucci or Rolls Royce, would not want to sell their products their? Explain.

Answered: 1 week ago

Question

★★★★★
A school reports that 80% of its graduates get jobs within one year. You take a random sample of 57 graduates, of whom 44 got a job within one year. Is this enough evidence to show that a...

Answered: 1 week ago

Question

★★★★★
Identify and explain the weaknesses and strengths of Amanda as a potential leader based on Five practices in the LPI report. Use the link Leadership Practices Inventory (LPI) Study the Leadership...

Answered: 1 week ago

Question

★★★★★
1.Rule 203 of the AICPAs Code of Professional Conduct pertains to a. CPAs independence b. authorities designated to establish accounting standards c. standards of competency d. solicitation of new...

Answered: 1 week ago

Question

★★★★★
10. Choose someone you know and answer the following questions: a) Does this person have a low or high level of competence in a particular field? b) Do you have a low or high level of confidence in...

Answered: 1 week ago

Question

★★★★★
1. To gain insight into how a communication situation can be framed to maximize impact.

Answered: 1 week ago

Question

★★★★★
2. We can change the use and meaning of the concepts and thereby the meaning of the social reality to which they refer.

Answered: 1 week ago

Previous Question Next Question