Which one of the following will result in a decline in the demand for oil?
[1] A rise in oil prices.
[2] A decrease in oil prices.
[3] A recession in the USA and Europe.
[4] The discovery of new oil deposits in the Seychelles.
2.2 Which one of the following statements is correct ?
[1] A rise in the price of a good will cause the supply curve of that good to shift to the right.
[2] A fall in the price of a good will result in a rightward shift of the demand curve, ceteris paribus.
[3] A rise in technological capabilities will result in a leftward shift of the supply curve.
[4] A decrease in the prices of the factors of production used to produce a certain product will give rise to an increase in the supply of the product.
2.3 Which one of the following statements is correct ?
[1] Equilibrium is often observed in our daily lives.
[2] A market is in equilibrium when demand is equal to supply.
[3] At any price above the equilibrium price there will be an excess demand for the product.
[4] At any price below the equilibrium price the resulting excess supply will put a downward pressure on the price. Economics Assignment: I need help writing a research paper.
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