Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $per gallon. If instead the market price were $3.25, then there would be a shortage of million gallons. 4 5.00- S 4.50- 4.00 3.50- 3.00- Price of Gasoline (per gallon) 2.50- 2.00- 1.50- 1.00- 0.50 0.00 D 35 7 10.5 14 17.5 21 24.5 28 31.5 35 Quantity of Gasoline (gallons in millions) G

Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $per gallon. If instead the market price were $3.25, then there would be a shortage of million gallons. 4 5.00- S 4.50- 4.00 3.50- 3.00- Price of Gasoline (per gallon) 2.50- 2.00- 1.50- 1.00- 0.50 0.00 D 35 7 10.5 14 17.5 21 24.5 28 31.5 35 Quantity of Gasoline (gallons in millions) G

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 2MC

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