Using a supply and demand diagram, illustrate the impact of each of the following on price and quanity demanded:

Question

a. Improvements in transportation lower the cost of importing oil into the United States of the 1960.

b. After the 1973 war, oil producers cut oil production sharply.

c. After 1980, smaller automoblies get more miles per gallon.
d. A record breaking cold winter in 1995-1996 unexpectedly raises the demand for heating oil.
e. Rapid economic growth in the early 2000s leads to a sharp upturn in oil prices.