E202Exam1.3

E202Exam1.3 - What will happen to equilibrium price and...

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Chapter 3 5. (3pts) How would an increase in the wage paid to workers on oil rigs affect the market supply for crude oil? Does the supply curve shift left or right and why? What will happen to the equilibrium price and quantity of crude oil? 6. (3 pts) How would a decrease in the price of hybrid cars (with high gas mileage) affect the market demand for gasoline? Does the demand curve for gasoline shift left or right and why?
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Unformatted text preview: What will happen to equilibrium price and quantity of gasoline? 7. (4 pts) How would a rise in the price of crude oil affect the market supply for gasoline? Does the supply curve shift left or right and why? What will happen to the equilibrium price and quantity of gasoline if, in addition to the rise in the price of crude oil, there is an increase in population?...
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