"The world gasoline market is rigged. Look, we just saw a 5% decrease in the supply of oil and the price of gas shot up 50%, there is no way that can happen if the price were determined by supply and demand." Which of the following best explains why the quotation above is wrong. O a. This can happen if simultaneously there is a decrease in the demand for gasoline O b. There are lots of taxes on oil that make the price very different for suppliers than consumers O'c. A small decrease in quantity can cause a large increase in price if demand is very inelastic O d. This can happen if there is an externality in the market QUESTION 27 A good that is non-rival and non-excludable is called a O a. club good O b.common resource O C. public good o d. private good

"The world gasoline market is rigged. Look, we just saw a 5% decrease in the supply of oil and the price of gas shot up 50%, there is no way that can happen if the price were determined by supply and demand." Which of the following best explains why the quotation above is wrong. O a. This can happen if simultaneously there is a decrease in the demand for gasoline O b. There are lots of taxes on oil that make the price very different for suppliers than consumers O'c. A small decrease in quantity can cause a large increase in price if demand is very inelastic O d. This can happen if there is an externality in the market QUESTION 27 A good that is non-rival and non-excludable is called a O a. club good O b.common resource O C. public good o d. private good

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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