Economics · Oct / Nov 2017 · Paper 13 · Question 7

In recent years the price of crude oil on the world market has fallen dramatically. One cause has been the increase in oil obtained by the new extraction process of fracking. How is this shown on a demand and supply diagram of the market for crude oil?

1. Aa shift in the demand curve to the left
2. Ba shift in the demand curve to the right
3. Ca shift in the supply curve to the left
4. Da shift in the supply curve to the right

As printed in the paper