Multiple Choice
-The above figure shows the demand curve for crude oil.Suppose the price is currently $7.A supply shock suddenly raises the price to $9.What happens with the crude oil sales revenue?
A) Crude oil sales revenue stays the same.
B) Crude oil sales revenue declines by more than $300.
C) Crude oil sales revenue increases by more than $250.
D) Crude oil sales revenue increases by less than $250.
Correct Answer:
Verified
Correct Answer:
Verified
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