ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business intentionally produces a fridge that will only last five years
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A group of petrol stations that agree to raise the price of unleaded petrol
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A mobile company releases a new phone model every year
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An anti-baldness shampoo guarantees regrowth with no grey hair
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Detailed explanation-1: -International oil prices-this refers to the price of crude oil, which is the primary component of petrol. The price of crude oil is influenced by global supply and demand, geopolitical tensions like the Russia-Ukraine conflict, and changes in the market due to the ongoing COVID-19 pandemic.
Detailed explanation-2: -When there are fewer than 13 petrol stations within a 5-km radius, or 33 stations within 10 km, irrespective of their brand, they become increasingly less responsive to changes in the wholesale petrol price or the price of crude oil.
Detailed explanation-3: -Chemical industry: Petroleum by-products are used by many chemical companies as raw materials. They are used in the manufacture of chemical fertiliser, synthetic fiber, synthetic rubber, nylon, plastics, pesticides and insecticides, perfumes, and dyes, paints, among others.
Detailed explanation-4: -So when COVID-19 restrictions began easing and global demand for crude oil increased due to higher mobility, the more costly price of fuel in Australia was passed onto consumers. But the price pressures flowing through to consumers didn’t end there, the ABS explained in its latest consumer price index report.