If the Price of Crude Oil Falls, the Equilibrium Price

question 122

Multiple Choice

If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium quantity ________.

• A) rises; increases
• B) rises; decreases
• C) falls; increases
• D) falls; decreases

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Definitions:

Reward

A benefit or positive reinforcement given in response to someone's actions or behavior, often used as a motivator.

Developmental Psychology

A branch of psychology that studies how people grow and change throughout the life span, from infancy to old age.

Elderly

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Developmental Psychologist

A professional specializing in understanding and explaining how and why human beings change over the course of their lives.