Consider the supply of a good illustrated in the graph below. Suppose the price of oil decreases. What effect would this have in the graph? P. Price po This would result in a slide down the supply curve. This would result in a slide up the supply curve. This would shift the supply curve to the right. This would shift the supply curve to the left. So Quantity

Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
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Consider the supply of a good illustrated in the graph below. Suppose the price of oil decreases.
What effect would this have in the graph?
p. Price
po
Qo
This would result in a slide down the supply curve.
This would result in a slide up the supply curve.
This would shift the supply curve to the right.
This would shift the supply curve to the left.
So
Quantity
Transcribed Image Text:Consider the supply of a good illustrated in the graph below. Suppose the price of oil decreases. What effect would this have in the graph? p. Price po Qo This would result in a slide down the supply curve. This would result in a slide up the supply curve. This would shift the supply curve to the right. This would shift the supply curve to the left. So Quantity
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