Assume there is a reduction in the shipments of petroleum products due to political tension in the Persian Gulf. In a market economy, which consumers would get the reduced supplies of gas?
A) The consumers who value gasoline the most and are able to pay for it.
B) Wealthy consumers.
C) Lower income consumers.
D) Who gets the gasoline would be a random process. Those who arrive at the service station first will get the gasoline, regardless what its price is.
A
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Which of the following could explain why there was a stampede at the Richmond International Raceway where 1,000 laptops were being sold at $50 each?
A) Those who bought laptops at that price were those who valued laptops the most. B) The quantity of laptops demanded at $50 was higher than the quantity supplied. C) The demand for laptops is not very responsive to price. D) The price of $50 per laptop was above the equilibrium price of laptops.
The quantity theory of money predicts that, in the long run, inflation results from the
A) money supply growing at a faster rate than real GDP. B) velocity of money growing at a faster rate than real GDP. C) velocity of money growing at a lower rate than real GDP. D) money supply growing at a lower rate than real GDP.