Hurricane Katrina caused refineries and oil rigs in New Orleans and in the Gulf of Mexico to close down.In the market for gasoline,Hurricane Katrina caused
A) an increase in demand.
B) a decrease in demand.
C) an increase in supply.
D) a decrease in supply.
Correct Answer:
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Q17: Excess demand generally causes prices to go
Q18: With inferior goods,demand will increase with an
Q19: Movement along the demand curve means that
Q20: For most goods and services,an increase in
Q21: Because of global warming,countries that are cooler
Q23: If supply increases,equilibrium price
A) falls.
B) rises.
C) remains
Q24: The selling prices of houses in 2003
Q25: Most markets,if left alone,will tend toward
A) equilibrium
Q26: A higher price simultaneously _ the quantity
Q27: An increase in supply is shown graphically
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