The In the news article titled "Gas Prices Jump in Matthew's Wake" suggests gasoline prices increased a s a result of damage caused by Hurricane Matthew. When the availability of gasoline decreases as a result of this damage the supply curve shifts to the left, causing
A. Consumers pay lower prices as they decide to drive less.
B. The price of gasoline to move up along the market supply curve
C. The price of gasoline to move up along the market demand curve.
D. A surplus to exist at the original equilibrium price.
Answer: C
Economics
You might also like to view...
Under Obamacare, residents who do not have health insurance that meets certain basic requirements are subject to a tax penalty
Indicate whether the statement is true or false
Economics
Which of the following are barriers to entry?
A. patents and copyrights B. economies of scale C. control of resources D. all of these
Economics