From the graph it is clear that the demand for gasoline is relatively unit elastic + and the supply for gasoline is relatively inelastic Suppose there is a hurricane that causes oil rigs and refineries in and around the Gulf of Mexico to shut down. This is an example of a supply shock and, referencing the graph below, is best represented by the shift from curve 1 to curve 2 from curve 2 to curve 1 1.75

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