Question: Will the following factors lead to an increase (I)/ decrease (D)/ no change (NC) in the demand (D) or supply (S) in the market for
Will the following factors lead to an increase (I)/ decrease (D)/ no change (NC) in the demand (D) or supply (S) in the market for gasoline? a.The income of consumers increases. (Gasoline is a normal good.) _____________ b.We suddenly discovered a new oil field in Alberta. _____________ c.A new churning invention reduces the cost of producing hybrid cars. _____________ d.The production of diesel becomes more plentiful (diesel and gasoline are substitutes). _____________ e.A new government levies a special tax on gasoline consumption in order to protect the environment. _____________ f.OPEC decides to increase the price of gasoline next year in the hope of making more profits. _____________ g.Automobiles are now become more fuel efficient. _____________
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