The price of crude oil increased to 100 per barrel in early 2008. What would we expect to see happen to the supply of gasoline, which is produced using crude oil?
A) The supply of gasoline will increase.
B) The supply of gasoline will decrease.
C) The supply of gasoline will stay the same because the government requires gasoline producers to meet statutory minimum production levels.
D) The supply of gasoline will stay the same because of the profit motives of gasoline producers.
Question 2
The supply curve is influenced by
A) the income of consumers.
B) the number of customers in the market.
C) the prices of the inputs required to produce the product.
D) the expectations of future profit.
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