Multiple Choice
-The above figure shows the demand curve for crude oil. Suppose the price is currently $15. A supply shock suddenly raises the price to $17. What happens with the crude oil sales revenue?
A) Crude oil sales revenue stays the same.
B) Crude oil sales revenue slightly declines.
C) Crude oil sales revenue increases.
D) Crude oil sales revenue exhibits a steep decline.
Correct Answer:
Verified
Correct Answer:
Verified
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