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 oil 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 oil refinery increases. Both a and b are correct. Both b and c are correct

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 3MC

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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

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