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Let's assume that the price of crude oil increases and that crude oil is an input into gasoline. On scratch paper, draw a graph of
Let's assume that the price of crude oil increases and that crude oil is an input into gasoline. On scratch paper, draw a graph of supply and demand for gasoline showing the effects the increase in the price of crude oil are expected to have on the gasoline market. Indicate whether the following statements are True or False. a) The quantity demanded will stay the same. [ Select ] b) The quantity supplied will decrease. [ Select ] c) The supply of gasoline will increase. [ Select ] d) The demand for gasoline will increase. [ Select ] e) The price of gasoline will increase. [ Select]
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