A More Efficient Process for Refining Oil into Gasoline Is

question 221

Multiple Choice

A more efficient process for refining oil into gasoline is developed.As a result, the market price of gasoline:

• A)and the quantity of gasoline purchased both increase.
• B)increases and the quantity of gasoline purchased falls.
• C)decreases and the quantity of gasoline purchased rises.
• D)decreases and the demand curve for gasoline shifts to the right.
• E)and the quantity of gasoline purchased both decrease.

---

Definitions:

Employer-provided Insurance

Health insurance coverage provided to employees (and often their families) as part of an employment benefit package.

Birthday Rule

A rule that states that the insurance policy of a policyholder whose birthday comes first in the year is the primary payer for all dependents.

Birthday Rule

An insurance policy determination rule that establishes priority of coverage for a child when covered by both parents' plans; typically, the parent whose birthday occurs first in the calendar year holds the primary plan.

Primary Payer

The insurance or funding source that is responsible for paying a claim first, before any other coverage is considered.