A more efficient process for refining oil into gasoline is developed. As a result, the market price of gasoline:
a. and the quantity of gasoline purchased both increase
b. increases and the quantity of gasoline purchased falls.
c. decreases and the quantity of gasoline purchased rises.
d. decreases and the demand curve for gasoline shifts to the right.
c
Economics
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A nation's foreign exchange reserves consist mainly of
A) excess reserves held by its banks. B) government securities of that nation. C) the legal currency of that nation. D) currencies of other nations.
Economics
A curve that shows how the best available consumption bundle changes as income changes (holding the consumer's preferences and all other prices fixed) is called:
A. a price-consumption curve. B. an individual demand curve. C. an income-consumption curve. D. a budget line.
Economics