question archive If the supply curve for fuel shifts leftward, we can conclude that the equilibrium quantity for fuel will _____, while equilibrium price will _____
If the supply curve for fuel shifts leftward, we can conclude that the equilibrium quantity for fuel will _____, while equilibrium price will _____
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If the supply curve for fuel shifts leftward, we can conclude that the equilibrium quantity for fuel will _____, while equilibrium price will _____.
A. decrease; decrease
B. increase; decrease
C. increase; increase
D. decrease; increase
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The correct answer is: D. decrease; increase
If the supply curve for fuel shifts leftwards, it means that there is a decrease in supply. As a result, the equilibrium point will raise, which will reduce the equilibrium quantity and increase the equilibrium price.
