Figure 6-24
Suppose the government imposes a $2 on this market.
-Refer to Figure 6-24.Suppose D1 represents the demand curve for gasoline in both the short run and long run,S1 represents the supply curve for gasoline in the short run,and S2 represents the supply curve for gasoline in the long run.After the imposition of the $2,the price paid by buyers will be
A) higher in the long run than in the short run.
B) higher in the short run than in the long run.
C) equivalent in the short run and the long run.
D) unable to be determined without additional information.
Correct Answer:
Verified
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