Suppose the price of gasoline and other petroleum products decline sharply. Which of the following will most likely occur as a result of the lower petroleum prices?
a. an increase in demand for solar heating systems
b. an increase in demand for larger, more powerful automobiles
c. an increase in demand for home insulation products
d. an increase in demand for gasoline
Question 2
In the short run, a decrease in the price level:
a. decreases output prices relative to input prices.
b. increases the profit margins of many producers.
c. decreases RGDP supplied.
d. both (a) and (c)
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