Gasoline and heating oil can be both processed from the same raw material - crude oil. Assume that the price of heating oil decreases substantially. What will we observe in the market for gasoline? a) The equilibrium price increases, while the equilibrium quantity decreases b) The equilibrium price increases, and the equilibrium quantity also increases c) The equilibrium price decreases, while the equilibrium quantity increases d) The equilibrium price decreases, and the equilibrium quantity also decreases
Gasoline and heating oil can be both processed from the same raw material - crude oil. Assume that the
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a) The |
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b) The equilibrium price increases, and the equilibrium quantity also increases |
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c) The equilibrium price decreases, while the equilibrium quantity increases |
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d) The equilibrium price decreases, and the equilibrium quantity also decreases |
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