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13-01-2020
Business

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The discovery of a large new reserve of crude oil will shift the curve for gasoline, leading to a equilibrium price.

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Dryomys Dryomys

14-01-2020

Answer:

Supply; Lower

Explanation:

If there is a discovery of large new crude oil reserve then this will increase the supply of crude oil in the market. This will also shift the supply curve of crude oil rightwards in the market of oil.

Therefore, this shift will reduce the equilibrium market price and increase the equilibrium quantity in the market of crude oil.

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