Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico in 2005. This drove up the prices of natural gas, gasoline, and heating oil. This is an example of a
A) supply shock.
B) demand shock.
C) negative externality.
D) depression.
A
Economics
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The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition
a. What quantity will be produced? b. What price will be charged? c. What is Tony's total cost? d. What is Tony's total revenue? e. What is Tony's economic profit or loss? f. Is this a long-run equilibrium? Why or why not?
Economics
Economic growth in less-developed countries comes at the cost of
a. higher taxes b. lower current consumption c. lower taxes d. lower government spending e. lower future consumption
Economics