Input-Output Analysis This chapter, drawn from Chapter 6 of the Fifth Edition of Urban Economics (McGraw-Hill/Irwin, 2003) explains the fundamentals…
September 3, 2020
State whether the following will increase, decrease, or does not change the demand for a good: the price of the product falls b. the supply of the…
September 3, 2020

Assume that heating oil and natural gas are substitutes for each other. If the supply of natural gas increases due to new discovers thus lowering the price of natural gas, what happens to the market price and quantity of heating oil?

a) P decrease Q increase

b) Both decrease

c) Both increase

d) P increase Q decrease

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