152k views
4 votes
If the price of heating oil rises from $1.90 to $2.10 per gallon, the quantity of heating oil demanded will

User Richardr
by
7.6k points

1 Answer

1 vote
If the price of heating oil will increase, the quantity of heating oil that is demanded will decrease. Let's assume that demand in fiirst case will be 1, then in the second case it will be 1.9/2.1, which equals to 0.9. So the second demand will be only 0.9 of the first one. So it will decrease
User Chris Lea
by
7.2k points