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 $1.75, then there would be a of million gallons. Price of Gasoline (per gallon) 5.00- 4.50 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50+ 0.00- 2.5 -10 7.5 10 S D 12.5 15 17.5 20 22.5 25 C

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 $1.75, then there would be a of million gallons. Price of Gasoline (per gallon) 5.00- 4.50 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50+ 0.00- 2.5 -10 7.5 10 S D 12.5 15 17.5 20 22.5 25 C

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 1DQ

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