30 Apr Question: Demand increases(shifts up to the right) Demand falls (shifts down to the left) Supply increa…
| Demand increases(shifts up to the right) | Demand falls
(shifts down to the left) |
Supply increases(shifts to the right) | Supply falls
(shifts to the left) |
Consider the market for electricity. Would each of the following factors increase demand, reduce demand, increase supply, or reduce supply in the market for electricity? Mark one answer in each row.
- Consumers’ incomes rise.
- The price of natural gas rises. (This is used as a fuel in homes and in power generation.)
- Consumers buy more energy-efficient appliances.
- The government requires power plants to use expensive, new pollution-control equipment.
- The weather this summer is cooler than normal.
- New technologies make wind generation of electricity cheaper than before.
- The population grows rapidly.
- The largest power plant in the market closes for two years while new equipment is installed.
- Recent drops in urban crime rates lead cities to reduce the number of streetlights by 60%.
- New high-voltage transmission lines link the market with power plants in Mexico.
- Suppose the price of oil rises next year, and the total quantity of oil sold also rises. Which of the following might cause these changes? Choose one answer:
☐Saudi Arabia and Russia cut the supply of oil
☐Consumers’ incomes rise
☐The U.S. government opens up oil production in new oil fields in Alaska
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