Changes

3. When the '''''supply''''' of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil?  Explain.  When the '''''demand''''' for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil?  Explain.

3. When the '''''supply''''' of a good or service increases, such as increasing the number of oil wells, what happens to the market price of oil?  Explain.  When the '''''demand''''' for a good a good or service increases, such more people driving cars that need gasoline (refined oil), what happens to the market price of oil?  Explain.

:When the supply of a good such as oil increases, the price decreases, as sellers have a greater quantity than usual to sell, and not enough people will purchase it if the price remains steady, resulting in unsold oil. If the demand increases, the price will rise, as people are willing to pay more for what there is, as there is not enough to go around. (Duncan)

:When the supply of a good such as [[oil]] increases, the price decreases, as sellers have a greater quantity than usual to sell, and not enough people will purchase it if the price remains steady, resulting in unsold oil. If the demand increases, the price will rise, as people are willing to pay more for what there is, as there is not enough to go around. (Duncan)

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit?  Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.

4. Why do grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit?  Explain by citing the downward slope of a demand curve, and describe what happens to this fruit after the grocery store lowers its price.