1.) I will be analyzing the market of gas. There has been a rescission of gas due to an uprising in energy supplies and widespread energy crisis. This caused such a high demand of gas, because of the high demand in gas the prices skyrocketed to average $3.50 per gallon. A.) Describe how supply side of the market is affected.? B.) In which direction (to the right or to the left) will the demand curve shift? or the supply curve? C.) will prices and quantity in equilibrium be higher or lower?
1.) I will be analyzing the market of gas. There has been a rescission of gas due to an uprising in energy supplies and widespread energy crisis. This caused such a high demand of gas, because of the high demand in gas the prices skyrocketed to average $3.50 per gallon. A.) Describe how supply side of the market is affected.? B.) In which direction (to the right or to the left) will the demand curve shift? or the supply curve? C.) will prices and quantity in equilibrium be higher or lower?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1.) I will be analyzing the market of gas. There has been a rescission of gas due to an uprising in energy supplies and widespread energy crisis. This caused such a high demand of gas, because of the high demand in gas the
A.) Describe how supply side of the market is affected.?
B.) In which direction (to the right or to the left) will the demand curve shift? or the supply curve?
C.) will prices and quantity in equilibrium be higher or lower?
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