xercise 5 State what happens to the Philippine market demand and supply curves for il under the following conditions: (Decrease, Increase, Same) Conditions On On demand supply Electricity-run cars are introduced and used in the country The oil fields of Iraq, a major supplier of the country are burned. OPEC decides to decrease the price of oil. An increase in the price of the dollars causes oil to be more expensive in other country. Carless days are made compulsory by the government. Oil mines are discovered in Palawan. Saudi Arabia increases its quotas in oil sales to the Philippines A substitute for oil is discovered by Filipino inventors.
xercise 5 State what happens to the Philippine market demand and supply curves for il under the following conditions: (Decrease, Increase, Same) Conditions On On demand supply Electricity-run cars are introduced and used in the country The oil fields of Iraq, a major supplier of the country are burned. OPEC decides to decrease the price of oil. An increase in the price of the dollars causes oil to be more expensive in other country. Carless days are made compulsory by the government. Oil mines are discovered in Palawan. Saudi Arabia increases its quotas in oil sales to the Philippines A substitute for oil is discovered by Filipino inventors.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Exercise 5 State what happens to the Philippine market demand and supply curves for
oil under the following conditions: (Decrease, Increase, Same)
Conditions
On
demand supply
On
Electricity-run cars are introduced and used in the country
The oil fields of Iraq, a major supplier of the country are burned.
OPEC decides to decrease the price of oil.
An increase in the price of the dollars causes oil to be more
expensive in other country.
Carless days are made compulsory by the government.
Oil mines are discovered in Palawan.
Saudi Arabia increases its quotas in oil sales to the Philippines
A substitute for oil is discovered by Filipino inventors.
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