7. 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 refineries. 9. Any situation where quantity supplied does
7. 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 refineries.
9. 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
d. a point where quantity demanded is equal to quantity supplied.
10. Demand is said to be elastic if
a. the price of the good responds substantially to changes in demand.
b. demand shifts substantially when income or the expected future price of the good
changes. buyers do not respond much to changes in the price of the good.
c. buyers respond substantially to changes in the price of the good.
d. the price of the good responds only slightly to changes in demand.
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