In the Spring of 2016 There Was a Severe Forest

question 203

Multiple Choice

In the spring of 2016 there was a severe forest fire in Alberta, which forced the evacuation of Fort McMurray and the shut down of many oil sands operations.As a result, there was less crude oil produced in Alberta than normal.At the pre-fire equilibrium price (i.e., at the initial equilibrium price) , we would expect to see

• A)a surplus of gasoline.
• B)the quantity demanded equal to the quantity supplied.
• C)a shortage of gasoline.
• D)an increase in the demand for gasoline.

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Definitions:

Augmented Matrix

An augmented matrix is a matrix used in linear algebra, consisting of the coefficient matrix of a system of linear equations and one or more columns added to the right, representing the constants from the equations' right-hand sides.

Linear Equations

Equations in which the highest power of the variable is one, graphically represented as straight lines.

Variables

Symbols used to represent unspecified numbers or values.

Ordered Triple

A set of three numbers used to locate a point in three-dimensional space.