QUESTION 3 Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. (On a piece of scratch paper you should use the 4 step method, draw a diagram, and determine directions of price and quantity) ✓ Cars are becoming more fuel efficient, and therefore get more miles to the gallon. ✓ The winter is exceptionally cold, people need more oil to stay warm ✓ A major discovery of new oil is made off the coast of Norway. ✓ The economies of some major oil-using nations, like Japan, slow down ✓ A war in the Middle East disrupts oil-pumping schedules ✓ Landlords install additional insulation in buildings A. price decrease, quantity increase B. price decrease, quantity decrease C. price increase, quantity increase D. price increase, quantity decrease

QUESTION 3 Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. (On a piece of scratch paper you should use the 4 step method, draw a diagram, and determine directions of price and quantity) ✓ Cars are becoming more fuel efficient, and therefore get more miles to the gallon. ✓ The winter is exceptionally cold, people need more oil to stay warm ✓ A major discovery of new oil is made off the coast of Norway. ✓ The economies of some major oil-using nations, like Japan, slow down ✓ A war in the Middle East disrupts oil-pumping schedules ✓ Landlords install additional insulation in buildings A. price decrease, quantity increase B. price decrease, quantity decrease C. price increase, quantity increase D. price increase, quantity decrease

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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