During 2008 the price of oil rose dramatically, which in turn caused the demand for small gas-efficient cars and large SUV to change. This can best be explained by saying that the higher the price of oil O A. the lower the price of large SUV, and the higher the demand of small gas- efficient cars. B. the lower the price of large SUV, and the higher the quantity demanded of small gas-efficient cars. O c. the lower the price of large SUV, and the higher the supply of small gas-efficient cars. D. the lower the price of large SUV, and the lower the quantity supplied of small gas-efficient cars.

During 2008 the price of oil rose dramatically, which in turn caused the demand for small gas-efficient cars and large SUV to change. This can best be explained by saying that the higher the price of oil O A. the lower the price of large SUV, and the higher the demand of small gas- efficient cars. B. the lower the price of large SUV, and the higher the quantity demanded of small gas-efficient cars. O c. the lower the price of large SUV, and the higher the supply of small gas-efficient cars. D. the lower the price of large SUV, and the lower the quantity supplied of small gas-efficient cars.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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