An Increase in Demand for Oil and an Increase in Supply

question 233

Multiple Choice

An increase in demand for oil and an increase in supply of oil will:

• A)decrease price and increase quantity.
• B)increase price and decrease quantity.
• C)increase quantity, but whether it increases price depends on how much each curve shifts.
• D)increase price, but whether it increases quantity depends on how much each curve shifts.

---

Definitions:

Culture of Poverty

A theory suggesting that poverty creates a unique set of values, beliefs, and behaviors that are passed down from generation to generation, making it difficult for individuals to escape poverty.

Mixed Race

Refers to people who have ancestry from different racial groups, emphasizing the diversity in their heritage.

Racial Categorization

The classification of individuals into groups based on physical characteristics, such as skin color or facial features.

Biological Categories

Classifications of living things based on shared biological characteristics and genetic traits.