In 2007, the Price of Oil Increased, Which in Turn

question 336

Multiple Choice

In 2007, the price of oil increased, which in turn caused the price of natural gas to rise. This can best be explained by saying that oil and natural gas are

• A) complementary goods, and the higher price for oil increased the demand for natural gas.
• B) substitute goods, and the higher price for oil increased the demand for natural gas.
• C) complementary goods, and the higher price for oil decreased the supply of natural gas.
• D) substitute goods, and the higher price for oil decreased the supply of natural gas.

---

Definitions:

Part-Time Employees

Workers who are employed for fewer hours than considered full-time by their employer, often without receiving the full benefits given to full-time employees.

Standardized Wages

A system in which pay rates are set at a consistent amount for similar jobs within an industry or organization, aiming to ensure fairness.

Individuals

Single human beings as distinguished from a group, class, or family, often referred to in contexts emphasizing personal rights and responsibilities.

Section 8(a)(2)

A provision within the National Labor Relations Act in the United States that prohibits employers from interfering with, restraining, or coercing employees in the exercise of their rights to organize and bargain collectively.