Which Event Would Shift the Supply Curve for Gasoline to the Right

question 332

Multiple Choice

Which event would shift the supply curve for gasoline to the right?

• A) an increase in property taxes
• B) an explosion at a major oil refinery
• C) a technological innovation in solar energy production
• D) a technological innovation in the oil-drilling industry that dramatically lowers the cost of exploration

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Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specified periods rather than continuously.

Gross Profit Rate

The ratio of gross profit to net sales, showing the percentage of revenue that exceeds the cost of goods sold.

Sales Returns and Allowances

Accounts that reduce the total gross sales revenue due to products being returned by customers or allowances for damaged goods.

Purchase Discounts

Reductions in price given by the seller to the buyer for early payment or for buying in bulk.