Asked by
Ashkan Moein Afshar
on Dec 05, 2024
Verified
In much of the country,homeowners choose to heat their houses with either natural gas or heating oil,both of which are normal goods.Which factor would cause an increase in the demand for natural gas?
A) an increase in the price of natural gas
B) a decrease in the price of natural gas
C) a decrease in the price of heating oil
D) an increase in consumer incomes
Normal Goods
Goods for which demand increases as the income of consumers increases, assuming all other factors remain constant.
Natural Gas
A fossil fuel consisting mainly of methane, used primarily for heating, cooking, and electricity generation.
Heating Oil
A low viscosity, liquid petroleum product used as a fuel for furnaces or boilers in buildings.
- Pinpoint the causes behind fluctuations in the demand curve.
- Absorb the concept of complements and substitutes and how they modify demand dynamics.
Verified Answer
SM
Learning Objectives
- Pinpoint the causes behind fluctuations in the demand curve.
- Absorb the concept of complements and substitutes and how they modify demand dynamics.