Asked by
Alison Frost
on Oct 12, 2024
Verified
A shift in the demand curve for gasoline would occur if
A) the price of gasoline changed.
B) more oil was discovered.
C) there was a shift in the supply curve for gasoline.
D) people decided to travel more by car.
Demand Curve
A chart that illustrates the correlation between a product's price and the amount of it consumers want to buy, usually depicted as a line sloping downwards towards the right.
Gasoline
Gasoline is a volatile, flammable liquid derived from petroleum, primarily used as fuel in internal combustion engines.
Supply Curve
A visual chart that illustrates how the price of an item affects the amount of the item that sellers are prepared to offer.
- Understand the influence of different elements, including earnings, price fluctuations of complementary and substitute goods, and variations in consumer preferences or demographic shifts, on the movement of the demand curve.
- Determine the impact of advertising and external factors such as technological and socio-economic changes on consumer demand for products.
Verified Answer
TN
Learning Objectives
- Understand the influence of different elements, including earnings, price fluctuations of complementary and substitute goods, and variations in consumer preferences or demographic shifts, on the movement of the demand curve.
- Determine the impact of advertising and external factors such as technological and socio-economic changes on consumer demand for products.