Solved

If the Price of Coal, a Close Substitute for Oil

Question 123

Multiple Choice

If the price of coal, a close substitute for oil, decreases, then the


A) supply curve for oil will shift to the right.
B) demand curve for oil will shift to the right.
C) equilibrium price and quantity of oil will not change.
D) demand curve for oil will shift to the left.
E) supply curve of coal will shift to the left.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions