Asked by Brandon Cannon on May 11, 2024
Verified
Many public utilities burn oil to generate electricity.If the price of oil increases,we expect a shift to the _____ in the _____ curve for _____ and a _____ price for electricity.
A) right;supply;electricity;lower
B) left;supply;electricity;higher
C) right;demand;oil;higher
D) left;demand;oil;lower
Public Utilities
Companies that provide essential services such as water, electricity, and telecommunications to the public, often under government regulation.
Electricity
A form of energy resulting from the existence of charged particles such as electrons or protons.
Oil
A natural fossil fuel composed primarily of hydrocarbons, used globally as a primary source of energy and in various industrial applications.
- Learn how transformations in the costs of inputs affect the equilibrium within the market.
Verified Answer
Learning Objectives
- Learn how transformations in the costs of inputs affect the equilibrium within the market.
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