Question: GDP Peak Event # 1 1 - # 1 2 Recession Increased unemployment Results in reduced household income. What impact did this have on demand?

GDP Peak
Event #11-#12
Recession
Increased unemployment
Results in reduced household income.
What impact did this have on demand?
With respect to income, what kind of good is gasoline?
Event #12 to Q32013(8/13)
OPEC cuts production targets 4.2 mmbpd
Would this shift supply or demand:
OPEC countries agree to each produce less oil
GDP Peak Event # 1 1 - # 1 2 Recession Increased

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