canvas.northseattle.edu t 4 Supply HW Petroleum is an input into making plastics

Question

canvas.northseattle.edu t 4 Supply HW Petroleum is an input into making plastics. Therefore O A change in the number of firms in the marke O A change in price expectations Question 6 0.1 pts Petroleum is an input into making plastics. Therefore, if the price of petroleum rises, we would expect the supply of goods made of plastic to O remain unchanged because the price of petroleum would not affect the price of plastic goods. O rise. O fall. 0 remain unchanged because this represents a change in supply and not a change in quantity supplied. remain unchanged because this represents a change in quantity supplied and not a change in supply. O Question 7 0.1 pts What would be the effect of banning certain inputs, such as the dangerous

Explanation / Answer

Solution: remain unchanged because this represents a change in quantity suplied and not a change in the supply

Explanation: As the petroleum price increases, there will be a rise in the quantity supplied (but not a change in supply) and a fall in the quantity demanded (but not a change in demand) until the equilibrium price

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