Suppose the diagram below represents the world market for oil. Toyota develop an efficient and affordable nuclear powered car that gains acceptance around the world. The impact on the oil market is to shift equilibrium price to and equilibrium quantity to Price supply P21 P11 demand Q1¶ Q2 Quantity Select one: а. Р1; Q1. O b. P1; Q2. Oc. P2; Q1. d. P2; Q2.

Suppose the diagram below represents the world market for oil. Toyota develop an efficient and affordable nuclear powered car that gains acceptance around the world. The impact on the oil market is to shift equilibrium price to and equilibrium quantity to Price supply P21 P11 demand Q1¶ Q2 Quantity Select one: а. Р1; Q1. O b. P1; Q2. Oc. P2; Q1. d. P2; Q2.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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