Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 7, Problem 3IAPA
To determine

To explain:

The reaction of the market to the price ceiling if a lack of oil in the international market can send the equilibrium price of gasoline to $3.50 a gallon. Also, explain about the efficiency of the gasoline market.

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