Unformatted text preview: transports and reducing their gas usage. Plenty of researches were implemented with the aim to search for alternate energy sources, and they have optimistic outcomes. This makes these oil producing countries struggle with the choice whether or not try to boost the oil price up as people will have an attempt to make gas less essential if it is too expensive. This reflects the connection between supply and demand: equilibrium price. When the good is more elastic, any attempt to increase the price might affect the quantity purchased as demand will decline....
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This note was uploaded on 03/10/2011 for the course ECON 101 taught by Professor Duc during the Spring '05 term at Linfield.
- Spring '05