Multiple Choice
There is an OPEC cartel that reduces the production of world oil by several million barrels a day.Which of the following correctly captures the effect of this change on the market for gasoline?
A) Both equilibrium quantity and price will increase.
B) Both equilibrium quantity and price will decrease.
C) Equilibrium quantity will increase,but equilibrium price will decrease.
D) Equilibrium quantity will decrease,but equilibrium price will increase.
Correct Answer:
Verified
Correct Answer:
Verified
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