Which of the Following Would Shift the Demand Curve for Gasoline

question 148

Multiple Choice

Which of the following would shift the demand curve for gasoline to the right?

• A)a decrease in the price of gasoline
• B)an increase in consumer income,assuming gasoline is a normal good
• C)an increase in the price of cars,a complement for gasoline
• D)a decrease in the expected future price of gasoline

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Definitions:

Upward Sloping

A graphical representation indicating an increase in a variable as another variable increases, often seen in supply curves.

Resource Prices

The costs associated with acquiring the inputs required for production, such as labor, materials, and capital.

Industry Production

Is the total output of goods and services produced by an industry over a specific period.

Constant-Cost Industry

An industry in which the input costs do not change significantly with changes in output levels, often resulting in stable product prices over time.