Suppose that more companies receive permission to drill foroil in Alaska and U.S

ID: 1248231 • Letter: S

Question

Suppose that more companies receive permission to drill foroil in Alaska and U.S.-controlled waters. In addition, assume thatthe popularity of SUV's declines in favor ofsmaller, more fuel efficient automobiles.. What will be the resulton the market (supply, demand, price, and quantity) for oil in theU.S.? How does this move the supply and demand curve?

Suppose that more companies receive permission to drill foroil in Alaska and U.S.-controlled waters. In addition, assume thatthe popularity of SUV's declines in favor ofsmaller, more fuel efficient automobiles.. What will be the resulton the market (supply, demand, price, and quantity) for oil in theU.S.? How does this move the supply and demand curve?

Explanation / Answer

supply up, demand down, equilibrium price will decrease

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Suppose that more companies receive permission to drill foroil in Alaska and U.S

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