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The price of gasoline has declined since April. State whether each of the following changes can explain such a decline in price via True or

The price of gasoline has declined since April. State whether each of the following changes can explain such a decline in price via True or False answers.

  1. The improving labor market has increased income and gasoline is a normal good.(True or False)
  2. Many people take long car trips during the summer.(True or False)
  3. Increased risk in Iraq, Saudi Arabia and Venezuela (all oil exporting countries).(True or False)
  4. The high price of gasoline in April reduced demand.(True or False)
  5. Oil refinery plants that were being serviced during the winter were back in operation.(True or False)
  6. SUVs have become less popular among "soccer moms".(True or False)

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