-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:

Officials

People appointed or elected to a position of authority within an organization or government to enforce rules and regulations.

Benjamin Disraeli

A prominent British politician and writer who served twice as Prime Minister of the United Kingdom, known for his influential role in the Conservative Party and his contributions to the British Empire.

Conservatives

A political ideology favoring the preservation of traditional institutions and values, and cautious about change or innovation.

Modest Means

Referring to a situation or condition where individuals or families possess limited financial resources, often associated with lower income or wealth levels, affecting their standard of living.