Which graph above is depicting what has happened to the market for oil as people continue to isolate?
Panel A
Panel D
Panel B
Panel C
Which graph above is depicting what will happen to the oil market if many producers go bankrupt?
Panel D
Panel C
Panel B
Panel A
If many oil producers do go out of business, what will be the impact on equilibrium price and quantity?
Equilibrium price and quantity both decrease
Equilibrium price increases and quantity decreases
Equilibrium price and quantity both increase
Equilibrium price decreases and quantity increases
With the dramatic increase in the demand for oil tanker ships, what has happened to equilibirum price and quantity of ships?
Equilibrium price decreases and quantity increases
Equilibrium price and quantity both decrease
Equilibrium price and quantity both increase
Equilibrium price increases and quantity decreases
Using graph 8 above if consumers return to driving and flying soon and oil producers release their excess capacity simultaneously, what happens to equilibrium price and quantity of oil?
Equilibrium price is indeterminant and quantity increases
Equilibirum price and quantity are both indeterminant
Equilibirum price decreases and quantity increases
Equilibrium price increases and quantity is indeterminant
