Question

How do you think the demand for kerosene will be affected if (a) there is an increase in the supply of cooking gas​

Answer 1

Answer:

The law of supply and demand primarily affects the oil industry by determining the price of the "black gold." Expectations about the price of oil are the major determining factors in how companies in the industry allocate their resources. Prices create incentives that influence behavior. This behavior eventually feeds back into supply and demand to determine the price of oil.

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