Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following two uses of the word demand in news articles: i . An article in the Wall Street Journal noted that an increase
Consider the following two uses of the word "demand" in news articles:
i An article in the Wall Street Journal noted that an "increase in the price of oil quickly reduces demand for oil."
ii A different article in the Wall Street Journal noted: "Electric cars are poised to reduce US gasoline demand by over the next two decades...."
Sources: Josh Zumbrun, "Oil's Plunge Could Help Send Its Price Back Up Wall Street Journal February; and Lynn Cook and Alison Sider, US Gasoline Demand Is Likely to Slide," Wall Street Journal June
Do you agree with how the first Wall Street Journal article uses the word "demand"?
A
Yes the article is correct in its use of the word "demand."
B
No the article incorrectly assumes that price can influence the amount of oil that consumers purchase.
C
No this should be the market demand for oil, not the demand for oil.
D
No a change in the price of oil affects the quantity of oil demanded, not the demand for oil.
Part
Do you agree with how the second Wall Street Journal article uses the word "demand"?
A
No the article incorrectly assumes that electric cars and gasoline use are related.
B
No this would reduce the quantity of gasoline demanded, not the demand for gasoline.
C
Yes the article is correct in its use of the word "demand."
D
No this should be the market demand for gasoline, not the demand for gasoline.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started