Question

How does the low price of oil in Alberta not only affect those who work in the oil
industry, but also in other industries Explain and give one detailed example of how
another industry might be affected.

Answer 1

Answer:

The low price of oil will affect other industries because no one will buy their oil unless they have a lower price.

Example: You own a gas station and you need to buy oil from an industry to refill your station. Industry A sells oil at $10 per gallon (example). Industry B sells the exact same oil at the price of $20 per gallon (example). As any sane person would, you would buy oil from Industry A. This shows how the low price of oil can affect other industries.