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what happens if petrolium price is hike

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Q: What happens if price of petrolium products increased?
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For most products and services increased price results in?

A for e2020 students


What happens to the price when there is an excess supply of products?

The price goes down because of supply and demand.


When does equilibrium price in economics happen?

equilibrium price in economics happens when demand for and supply of the products equals


What happens when the price of building materials suddenly increased by a large amount?

Shift to a seller's market.


What best describes hyperinflation?

The massive inflation of the cost of products. For example, in Germany, the price of eggs drastically increased due to the printing of money by the government.


What increase aggregate demand?

Anything -other than the desired (product/service)'s price- that would change the demand for a product/service would increase aggregate demand. Some examples may be: increased incomes, increased population, increased price of substitute products, etc..


What happens to a supply curve when there's a decrease in production?

Price will increase as less products are available.


What would increase aggregate demand?

Anything -other than the desired (product/service)'s price- that would change the demand for a product/service would increase aggregate demand. Some examples may be: increased incomes, increased population, increased price of substitute products, etc..


What is cost push and demand pull?

Demand pull inflation is where the demand for an item has increased to a point where the price is increased, to reach an new equilibrium on a supply demand diagram. For example, if there is a toy many children want for christmas, sellers may increase the price. Cost push inflation is where the price must be increased because the costs of making the product or service has increased, for example, if there was a new tax on raw material A, any products which use this raw material will have their price increased relative to the tax increase.


What happens to the price when there is a shortage of products?

The prices increases, because the demand is higher for the product, since there is less of it.


What happens to a monopolistically competitive firm that begins to charge an excessive price for its products?

Consumers will substitute with a rival's product.


What happened to the price of leather goods in 2001 as a result of an outbreak of hoof-and-mouth disease in Europe that led to the burning of millions of cattle carcasses?

The price increased because of the same demand but fewer products.