-According to the above figure for a gasoline market, what happens when the price per gallon of gasoline jumps from $1 to $4?
A) A gasoline surplus is replaces by a gas shortage.
B) The market moves from a shortage of 40 million gallons/day to a surplus of 50 million gallons/day.
C) The market shortage is replaced by market equilibrium.
D) A surplus of 40 million gallons/day results.

Question

-According to the above figure for a gasoline market, what happens when the price per gallon of gasoline jumps from $1 to $4?
A) A gasoline surplus is replaces by a gas shortage. 
B) The market moves from a shortage of 40 million gallons/day to a surplus of 50 million gallons/day. 
C) The market shortage is replaced by market equilibrium. 
D) A surplus of 40 million gallons/day results.

Quizplus · Accepted Answer

The Answer of 
-According to the above figure for a gasoline market, what happens when the price per gallon of gasoline jumps from $1 to $4?
A) A gasoline surplus is replaces by a gas shortage. 
B) The market moves from a shortage of 40 million gallons/day to a surplus of 50 million gallons/day. 
C) The market shortage is replaced by market equilibrium. 
D) A surplus of 40 million gallons/day results.

-According to the Above Figure for a Gasoline Market, What