Figure 14.2

-Refer to Figure 14.2.Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005.Other things equal,this would best be represented by a movement from

Question

Figure 14.2
Figure 14.2 -Refer to Figure 14.2.Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005.Other things equal,this would best be represented by a movement from A) point A to point B. B) point B to point A. C) point B to point C. D) point A to point C.

Figure 14.2 -Refer to Figure 14.2.Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005.Other things equal,this would best be represented by a movement from A) point A to point B. B) point B to point A. C) point B to point C. D) point A to point C.

-Refer to Figure 14.2.Hurricane Katrina was responsible for destroying a large portion of oil and natural gas refining capacity on the Gulf coast in 2005.Other things equal,this would best be represented by a movement from

Quizplus · Accepted Answer

Point B represents the initial equilibrium point before Hurricane Katrina. The destruction of refining capacity caused a decrease in supply, shifting the supply curve to the left from S to S', resulting in a higher equilibrium price and lower equilibrium quantity at point A. Therefore, the movement from point B to point A represents the impact of Hurricane Katrina on the market for oil and natural gas refining capacity.

Figure 14.2 -Refer to Figure 14.2.Hurricane Katrina Was Responsible for Destroying a Responsible