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Use the graph illustrating the market for gasoline-fueled cars to answer the question. Which situation corresponds with this graph of the market for gasoline-fueled cars?
O The government increased tariffs on aluminum and steel, increasing the cost of producing all cars.
O The average price of crude oil decreased, causing the price of gasoline to decrease as well.
O The government strengthened safety standards, forcing producers to include more safety equipment in all cars.
O The average price of lithium decreased, causing the price of batteries used in electric cars to decrease.​

Use The Graph Illustrating The Market For Gasolinefueled Cars To Answer The Question Which Situation Corresponds With This Graph Of The Market For Gasolinefuele class=

Sagot :

The situation that corresponds with the graph of the market for gasoline-fuelled cars is the average price of crude oil decreased, causing the price of gasoline to decrease as well.

The graph is a diagram of the demand and supply curve for gasoline-fuelled cars. There is a rightward shift of the demand curve. A rightward shift of the demand curve indicates that the demand for gasoline-fuelled cars have increased.

Factors that can lead to a rightward shift of the demand curve for gasoline-fuelled cars

  • A decrease in the cost of a complement good: A complement good is a good that can be used together with a gasoline-fuelled car. An example of a complement good for gasoline-fuelled car is gasoline. If there is a decrease in the cost of gasoline, the demand for gasoline-fuelled cars would increase.

  • An increase in the price of substitute goods: A substitute good is a good that can be used in place of another good. A substitute for gasoline-fuelled cars are electric cars. If the price of electric cars increase, the demand for gasoline-fuelled car would increase.

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