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During 2008 the Supply of Gasoline Decreased While at the Same

Question 23

Multiple Choice

During 2008 the supply of gasoline decreased while at the same time the demand for gasoline
Increased. If the magnitude of the increase in demand was greater than the magnitude of the
Decrease in supply, then the equilibrium price of gasoline------------- and the equilibrium quantity-------------
.


A) increased; did not change
B) increased; increased
C) decreased; did not change
D) did not change; increased
E) increased; decreased

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