Asked by
Margo Leskinen
on Oct 12, 2024
Verified
As the key component in gasoline production,a decline in the price of crude oil would cause
A) the demand for gasoline will decrease.
B) the demand for gasoline will increase.
C) the supply of gasoline will increase,and its price will fall.
D) the supply of gasoline will decrease,and its price will rise.
Crude Oil
An unprocessed, naturally found blend of hydrocarbon deposits and various organic substances, known as petroleum.
Gasoline Production
The process of refining crude oil into gasoline, a key fuel for transportation.
- Appreciate the influences leading to changes in the positioning of supply curves.
- Analyze the effects of input prices on the supply of goods.
Verified Answer
NJ
Learning Objectives
- Appreciate the influences leading to changes in the positioning of supply curves.
- Analyze the effects of input prices on the supply of goods.