Economics 9708 · AS & A Level · Income elasticity of demand

Income elasticity of demand — practice question

World oil supplies fall because of war in some of the supplying countries, while winter in some importing countries is far colder than normal. The diagram indicates the initial equilibrium price, P. What will be the equilibrium price of oil in these circumstances?

  • AP1
  • BP2
  • CP3
  • DP4

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