Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Other things equal, which of the following would NOT shift the supply curve for gasoline? a. a fall in the price of crude oil (from

Other things equal, which of the following would NOT shift the supply curve for gasoline? a. a fall in the price of crude oil (from which gasoline is refined). b. an increase in the price of gasoline. c. an improvement in refining techniques that allows more gasoline to be squeezed out of a barrel of crude oil. d. an increase in the wages paid to people working in oil refinerie8. To say that the market is in equilibrium implies that: a. producers are earning a profit. b. the quantity that buyers are willing and able to buy equals the quantity that sellers willing and able to sell. c. the market allocates goods fairly. d. the government is not intervening.Any situation where quantity supplied does not equal quantity demanded indicates: a. a market equilibrium. b. a situation in which the actions of buyers do not match the actions of sellers. c. a place where the laws of supply and demand do not hold. d. a point where quantity demanded is equal to quantity supplied

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

The Wisdom Of Crowds

Authors: James Surowiecki

1st Edition

0385721706, 9780385721707

More Books

Students also viewed these Economics questions

Question

How does selection differ from recruitment ?

Answered: 1 week ago

Question

Who responds to your customers complaint letters?

Answered: 1 week ago

Question

Under what circumstances do your customers write complaint letters?

Answered: 1 week ago