Business, 28.11.2019 02:31, maria241432
During the last few years we have seen a rise in the production of natural gas in the united states. this lead to a decline in the price of natural gas. if we assume that the price of oil remained roughly the same, this also lead to a reduction in the ratio of the price of natural gas to the price of oil. this resulted in a substitution from oil to natural gas in some production processes. which of the following statements is incorrect in describing this scenario (assume that all else is held constant):
a. the demand for oil changed
b. the quantity demanded of oil decreased
c. the quantity demanded of natural gas increased
d. the demand for oil decreased
Answers: 3
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During the last few years we have seen a rise in the production of natural gas in the united states....
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