In the spring of 2008, Senators John McCainand Hillary Clinton (who were then runningfor
Chapter 6, Problem 12(choose chapter or problem)
In the spring of 2008, Senators John McCainand Hillary Clinton (who were then runningfor president) proposed a temporary eliminationof the federal gasoline tax, effective onlyduring the summer of 2008, in order to helpconsumers deal with high gasoline prices.a. During the summer, when gasoline demandis high because of vacation driving, gasolinerefiners are operating near full capacity.What does this fact suggest about the priceelasticity of supply?b. In light of your answer to (a), who do youpredict would benefit from the temporarygas tax holiday?
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