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11. Over the past year, there has been a sharp decrease in the price of oil. following could explain this? a. a decrease in the price of a complement in consumption for oil. b. a decrease in the price of a complement in production to oil. c. an increase in the price of a substitute in production for oil. d. none of the above.

11. Over the past year, there has been a sharp decrease in the price of oil. following could explain this? a. a decrease in the price of a complement in consumption for oil. b. a decrease in the price of a complement in production to oil. c. an increase in the price of a substitute in production for oil. d. none of the above.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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11. Over the past year, there has been a sharp decrease in the price of oil. following could explain this? a. a decrease in the price of a complement in consumption for oil. b. a decrease in the price of a complement in production to oil. c. an increase in the price of a substitute in production for oil. d. none of the above.
Transcribed Image Text:11. Over the past year, there has been a sharp decrease in the price of oil. following could explain this? a. a decrease in the price of a complement in consumption for oil. b. a decrease in the price of a complement in production to oil. c. an increase in the price of a substitute in production for oil. d. none of the above.
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