According to the above figure for a gasoline market, at a price of $1 per gallon of gasoline, there would be
A) a shortage of 30 million gallons.
B) a surplus of 30 million gallons.
C) a shortage of 20 million gallons.
D) a surplus of 50 million gallons.
C
Economics
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Why is a single-price monopoly inefficient?
What will be an ideal response?
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Resource owners supply resources in ways that
a. maximize their utility b. maximize their income c. minimize the amount of work d. maximize the amount of work e. maximize the demand for their resource
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