Asked by
benjamin matray
on Dec 12, 2024
Verified
If the price of crude oil fell significantly, which of the following would be most likely to happen?
A) The price of air travel would increase.
B) The demand for large cars would increase.
C) The price of gasoline would increase.
D) The wages of workers in the automobile industry would fall.
Price Of Crude Oil
This refers to the cost at which crude oil is bought and sold in the global market, affecting various sectors including energy, transport, and manufacturing.
Large Cars
Vehicles characterized by their substantial size, often offering more space, comfort, and features compared to smaller models.
- Perceive the relationship between the valuation of resources and the charged price for goods and services.
- Illustrate the relationship between changes in the cost of resources and the resulting shifts in market equilibrium and business planning.
Verified Answer
JC
Learning Objectives
- Perceive the relationship between the valuation of resources and the charged price for goods and services.
- Illustrate the relationship between changes in the cost of resources and the resulting shifts in market equilibrium and business planning.