-The Table Above Shows the Situation in the Gasoline Market

question 273

Multiple Choice

-The table above shows the situation in the gasoline market in Tulsa,Oklahoma.If the price of a gallon of gasoline is $3.62,then

• A) there is a surplus of gasoline in Tulsa.
• B) there is a shortage of gasoline in Tulsa.
• C) the gasoline market in Tulsa is in equilibrium.
• D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa.
• E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.

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Definitions:

Healthcare Products

Goods and services designed to maintain or improve health, including pharmaceuticals, medical devices, and wellness products.

Industrial Market

The sector of the economy in which businesses sell products or services to other businesses for production, not directly to consumers.

Resellers

are businesses or individuals that purchases goods for the purpose of selling them again rather than using them.

Organizational Markets

Markets composed of businesses and other organizations that buy goods and services for use in their operations or in the production of other goods and services.