The cost of filling up the car is rising as the crude oil price soars and pump
Question:
a. Does demand for or the supply of gasoline or both change when the price of oil soars?
b. Use a demand-supply graph to illustrate what happens to the equilibrium price of gasoline and the equilibrium quantity of gasoline bought when the price of oil soars.
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a Oil is used to produce gasoline so when the price of oil rises the pr...View the full answer
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