Crude oil can be refined into home heating oil or gasoline. If ...

[imanialler]

Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the
 
  A) supply of gasoline would increase.
  B) demand for gasoline would increase.
  C) equilibrium price of gasoline would rise.
  D) Both answers A and C are correct.

Question 2

If an industry lacks barriers to entry and each of the many firm faces a demand curve with a negative slope, the industry is
 
  A) perfectly competitive.
  B) monopolistically competitive.
  C) an oligopoly.
  D) a monopoly.

[shayla]

Answer to Question 1

C

Answer to Question 2

B

[imanialler]

Thanks for the timely response, appreciate it

[marict]

Excellent