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Consider the market for gas. Which of the following changes would most likely lead to a decrease in supply? An increase in the price of petrol cars. Price of gas (complement in supply with petrol) increases. The cost of ol refinery increases. Both a and b are correct. Both b and c are correct

Consider the market for gas. Which of the following changes would most likely lead to a decrease in supply? An increase in the price of petrol cars. Price of gas (complement in supply with petrol) increases. The cost of ol refinery increases. Both a and b are correct. Both b and c are correct

Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter6: Demand And Elasticity
Section: Chapter Questions
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Consider the market for gas. Which of the following changes would most likely lead to a decrease in supply? An increase in the price of petrol cars. Price of gas (complement in supply with petrol) increases. The cost of oll refinery increases. Both a and b are correct. Both b and c are correct
Transcribed Image Text:Consider the market for gas. Which of the following changes would most likely lead to a decrease in supply? An increase in the price of petrol cars. Price of gas (complement in supply with petrol) increases. The cost of oll refinery increases. Both a and b are correct. Both b and c are correct
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