None Note: Shaded area represents recession, as determined by the National Bureau of Economic Research.Source: U.S. Bureau of Labor Statistics.Figure 1. Evolution of Ground beef and Gasoline average prices in the United States, 2001-2021.A. From the black dotted lines in the graph above, we see that, in June 2008, the price ofgasoline peaked at $4 dollars per gallon and dropped to $1.7 in December of that sameyear. What could explain the price drop of gasoline? How about the gasoline pricefluctuations that we observe along the period?

• In 2008, the global financial crisis hit, which led to a decrease in demand for gasoline as people…

Answered: Note: Shaded area represents recession,…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 9QP

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The price of crude oil has been increasing. The price of a good rises in two cases, when demand rises or when supply falls, or both. It has been given that there has been a growing demand for crude oil for turning into refined petroleum (increase in demand), along with a decline in its production (fall in supply). It implies that both an increase in demand and a decrease in supply is responsible for the price rise. Draw a graph to show the information.

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