Question
Suppose that OPEC increases the price of crude oil. The increase means that drivers SHOULD decrease the quantity of gasoline consumed, producers SHOULD increase the
Suppose that OPEC increases the price of crude oil. The increase means that drivers SHOULD decrease the quantity of gasoline consumed, producers SHOULD increase the quantity of green energy, and scientists SHOULD increase research and development on alternative sources of energy. In a market system, what WOULD happen?
The price of gasoline would: increase or decrease?
The quantity of gasoline consumed would increase or decrease?
The quantity of green energy would increase or decrease?
Research and development would increase or decrease?
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The American Economy
Authors: Walter Greason, William Gorman
1st Edition
1524902675, 9781524902674
