Question 1: How does Oil Prices in Year 2009 affect Demand and Supply of consumers and suppliers?
Question 2: When Oil prices rises, does the demand and supply curve move? If they do, which direction did they move?
Question 3: Based on your analysis, why does a demand curve shift in demand when oil prices increase in 2009? And how does it affect the supply of oil in 2009?
Question 4: Based on your own opinion, what other factors are influencing the change in supply for Oil prices in 2009?
Question 5: Is there any Elasticity in demand and supply? Please explain.