Answer:
C) A decrease in equilibrium price and increase in the equilibrium quantity of oil.
Explanation:
Equilibrium price is the price in which the quantity of goods demanded matches the quantity of goods offered, same for the equilibrium quantity. When these two variables cross, we reach economic equilibrium.
If the U.S. drills more oil, the supply oil will increase, lowering the price until the demand for oil is met.
This is what is currently happening in the world: because the U.S. has increased oil production, the price of oil in the U.S. and the rest of the world has lowered. In other words, the equilibrium price of oil has decreased and the equilibrium quantity has increased.
I think its d because all those answer choices are details the support the answer d
A.) “The roads in my state need to be repaired.”
The seismic waves are reflected (bounced off) layers of different density, and they are refracted (bent) when they enter layers of different density.
