ScholarMatic: Explanation & Answer
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Which one of the following will result in a decline in the demand for oil? [1] A rise in oil prices. [2] A decrease in oil prices. [3] A recession in the USA and Europe. [4] The discovery of new oil deposits in the Seychelles. 2.2 Which one of the following statements is correct ? [1] A rise in the price of a good will cause the supply curve of that good to shift to the right. [2] A fall in the price of a good will result in a rightward shift of the demand curve, ceteris paribus. [3] A rise in technological capabilities will result in a leftward shift of the supply curve. [4] A decrease in the prices of the factors of production used to produce a certain product will give rise to an increase in the supply of the product. 2.3 Which one of the following statements is correct ? [1] Equilibrium is often observed in our daily lives. [2] A market is in equilibrium when demand is equal to supply. [3] At any price above the equilibrium price there will be an excess demand for the product. [4] At any price below the equilibrium price the resulting excess supply will put a downward pressure on the price.
ScholarMatic: Explanation & Answer
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