The graph above shows the market for gasoline after the government imposes a price ceiling of $3.50 a gallon. With the price ceiling in place, the amount of gas that people would want in this market would be ___ gallons, but the gas station owners are willing to supply only ___gallons. Which of the following are likely to occur in this market? Choose one or more: A.long lines for gasoline B.a surplus of gasoline available C.a black market for gasoline D.gas stations offering better-quality gasoline
The graph above shows the market for gasoline after the government imposes a price ceiling of $3.50 a gallon. With the price ceiling in place, the amount of gas that people would want in this market would be ___ gallons, but the gas station owners are willing to supply only ___gallons. Which of the following are likely to occur in this market? Choose one or more: A.long lines for gasoline B.a surplus of gasoline available C.a black market for gasoline D.gas stations offering better-quality gasoline
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The graph above shows the market for gasoline after the government imposes a
Which of the following are likely to occur in this market?
Choose one or more:
A.long lines for gasoline
B.a surplus of gasoline available
C.a black market for gasoline
D.gas stations offering better-quality gasoline
![Price
$4.50
$4.00-
$3.50
Quantity
(gallons per week)
300
500 550](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F546860fe-98c5-4cbb-83c9-6bb3ac138cc4%2Ff4ff0348-885a-4112-9880-9f4178d79e30%2Fg3jf0sm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Price
$4.50
$4.00-
$3.50
Quantity
(gallons per week)
300
500 550
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