Oil is used to produce gasoline. If the price of oil increases, consumer surplus in the gasoline market
a. decreases.
b. is unchanged.
c. increases.
d. may increase, decrease, or remain unchanged.
a
Economics
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Current offers to purchase or sell scarce goods take account of the wants of future generations
A) if government intervenes to give the future a current voice. B) if people are able to predict future prices. C) only if people are concerned for the welfare of others yet unborn. D) only rarely because people are predominantly selfish.
Economics
In the above figure, what is the amount of consumer surplus at the efficient quantity?
A) $0 B) $1,000 C) $2,000 D) $4,000
Economics