Multiple Choice
Suppose a war in the Middle East destroys many oil fields. This will cause a(n)
A) redistribution of income from the rich to the poor.
B) increase in the quantity of oil traded.
C) increase in oil prices.
D) decrease in the demand for oil.
E) increase in the supply of oil.
Correct Answer:
Verified
Correct Answer:
Verified
Q131: A market equilibrium predicts both the price
Q132: The law of supply states that<br>A)price and
Q133: According to the law of supply, if
Q134: An increase in consumer income causes a
Q135: In the case of a surplus,<br>A)there is
Q137: An increase in demand is graphically illustrated
Q138: Exhibit 3-4 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 3-4
Q139: When a surplus exists in a market,
Q140: Which of the following causes a leftward
Q141: The supply curve for iPhones is upward-sloping