Hurricane Katrina Damaged a Large Portion of Refining and Pipeline

question 55

Multiple Choice

Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005.As a result of this,many gasoline distributors were not able to maintain normal deliveries.At the pre-hurricane 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.

---

Definitions:

Avoidance

The action of keeping away from or not doing something, often as a way to deal with fear or anxiety.

Generalized Anxiety Disorder

Anxiety not focused on any single target.

Obsessive-Compulsive Disorder

A mental disorder characterized by persistent unwanted thoughts (obsessions) and repetitive behaviors (compulsions) that an individual feels the urge to perform.

Threats Of War

The potential or perceived risk of military conflict between entities, which can impact the psychological and social well-being of individuals, especially in affected regions.