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Answer to Question #94902 in Microeconomics for Gurleen

Question #94902
a. The price of crude oil rises
b. The price of car rises
both events are occurring concurrently what is the effect of this on market price and quantity of gasoline us equilibrium digram to support the answer
1
Expert's answer
2019-09-24T08:37:19-0400

Crude oil is a raw material for gasoline therefore if its price rises the price of gasoline will also rise causing the demand for gasoline to fall


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