The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $2.20, then A. there is a surplus of gasoline in Tulsa. B. there is a shortage of gasoline in Tulsa. C. the gasoline market in Tulsa is in equilibrium. D. Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E. There is neither a surplus nor a shortage, but the market is NOT in equilibrium.
The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $2.20, then A. there is a surplus of gasoline in Tulsa. B. there is a shortage of gasoline in Tulsa. C. the gasoline market in Tulsa is in equilibrium. D. Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E. There is neither a surplus nor a shortage, but the market is NOT in equilibrium.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the
A.
there is a surplus of gasoline in Tulsa.
B.
there is a shortage of gasoline in Tulsa.
C.
the gasoline market in Tulsa is in equilibrium.
D.
Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.
E.
There is neither a surplus nor a shortage, but the market is NOT in equilibrium.
Transcribed Image Text:Price
(dollars per gallon)
2.30
2.27
2.25
2.20
Quantity demanded
(gallons of gasoline)
337,982
396,398
412,031
417,899
Quantity supplied
(gallons of gasoline)
441,074
428,008
412,031
391,665
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