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Tems11 [23]
3 years ago
9

In an economy where heating oil is the primary source of heat for most households, new supplies of natural gas, a substitute for

heating oil, are discovered. Natural gas provides heat at a much lower cost. What is the most likely effect of these discoveries on the market price and quantity of heating oil produced?Price Decreases & Quantity Decreases
Price Decreases & Quantity Increases
Price Increases & Quantity Decreases
Price Does Not Change & Quantity Does Not Change

Business
1 answer:
Otrada [13]3 years ago
8 0

Answer:

Price Decreases & Quantity Decreases

Explanation:

As a result of the discovery of an alternative which is cheaper, consumers increase demand for natural gas. The demand for heating oil would fall. This would lead to a fall in price and quantity.

I hope my answer helps you

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3/10, n/25 this means that a 10% cash discount is available if the invoice is paid within 10 days, pay the net price if covered within 25 days of the invoice date. Discounts are reductions of the normal fee of a product or service with the purpose to obtain or growing income.

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