The price of crude oil increases 50%. This will cause a change in ( supply/ quality supplied )
✓ for crude oil. Why?

Question

05-02-2021
Business

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The price of crude oil increases 50%. This will cause a change in ( supply/ quality supplied )
✓ for crude oil. Why?

Sagot :

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Samawati Samawati · Answer 1 · 2021-02-07T04:02:06-05:00

Answer:

See below

Explanation:

A price increase motivates suppliers to avail more products for sale in the markets. High prices tend to have a high margin hence more profits. Like other businesses, oil producers are profit-motivated; they will supply more quantities if there is a high probability of making more profits.

The law of supply explains the correlation between supply and price. As prices increase, supply also tends to increase.

Sagot :

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