If the Price of Oil, a Close Substitute for Coal

question 21

Multiple Choice

If the price of oil, a close substitute for coal, increases then the

• A)supply curve for coal will shift to the right.
• B)demand curve for coal will shift to the right.
• C)equilibrium price and quantity of coal will not change.
• D)demand curve for coal will shift to the left.
• E)supply curve of coal will shift to the left.

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Definitions:

Publicly-Owned Enterprises

Businesses that are owned by the government and operated for the benefit of the general public.

State-Owned Enterprises

Businesses that are owned and operated by government entities, aimed at providing public services or promoting economic activities.

Exclusive Rights

Refers to the legal rights granted to individuals or organizations to be the sole owners or users of certain products, content, or technology, often protected by copyright or patent laws.

Supply of Electricity

The total amount of electricity that is available for consumption or use by end users.