-(Exhibit: Demand and Supply of Gasoline) When the supply curve shifted from the initial equilibrium to the new intersection of supply and demand at a price of ________ and quantity of 400, this could have resulted from ________ .

Question

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An increase in refining technology would shift the supply curve to the right, leading to a lower price and higher quantity, consistent with a price of $1.50 and quantity of 400.

-(Exhibit: Demand and Supply of Gasoline)When the Supply Curve Shifted