Assume that heating oil and natural gas are substitutes for each other.
September 3, 2020
Suppose that the economy has entered into a recession, and you are asked to determine whether it has been caused by a demand shock or a supply shock….
September 3, 2020

State whether the following will increase, decrease, or does not change the demand for a good:

a. the price of the product falls

b. the supply of the product increases

c. buyers purchase more of the product at each price that might exist

d. the product becomes particularly scarce for some reason

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