If the Price of Oil Increases Significantly, Buyers and Sellers

question 239

Multiple Choice

If the price of oil increases significantly, buyers and sellers of gasoline will both expect the price of gasoline to also increase.If sellers of gasoline act on their expectations more than the buyers do, then

• A)the equilibrium price of gasoline will increase, while the equilibrium quantity will decrease.
• B)the equilibrium price of gasoline will increase, while the equilibrium quantity will increase.
• C)the equilibrium price of gasoline will decrease, while the equilibrium quantity will decrease.
• D)the equilibrium price of gasoline will decrease, while the equilibrium quantity will increase.

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Definitions:

Masculine Traits

Characteristics traditionally associated with men, such as assertiveness, competitiveness, and physical strength.

Achievement-Oriented

A personal or organizational focus on setting challenging goals and working persistently to achieve them, often involving high standards of excellence.

High Levels of Assertiveness

A behavioral characteristic marked by the confidence and forcefulness in expressing opinions and needs.

Psychological Testing

The use of standardized tests to measure an individual's mental functions and behaviors in areas such as intelligence, aptitude, and personality.