Review Figure 3.4. Suppose the price of gasoline is $1.60 per gallon. Is the quantity
Chapter 3, Problem 1(choose chapter or problem)
Review Figure 3.4. Suppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of $1.40 per gallon? And what about the quantity supplied? Is there a shortage or a surplus in the market? If so, of how much?
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