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Read the article titled "Losing Money in the Solar Panel Industry. Then imagine the price of...

Read the article titled "Losing Money in the Solar Panel Industry. Then imagine the price of oil doubles. raising the cost of home-heating oil and electricity. what effect would this development have on U.S. manufacturing solar panels in your opinion? This Principles of Microeconomics

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Answer #1

Since solar panels are a substitute of oil as both are used in the generation of electricity. Thus, increase in the price of substitute will raise the demand for solar panels and demand curve will shift outwards. Thus increase in price of solar panels will also induce producers to produce more number of solar panels as compared to the number of solar panels they were initially producing.

Thus, rise in the price of oil will increase the manufacturing of solar panels in the United States.

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