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In 2004 There Was Widespread Dismay as the Price of Unleaded

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Essay

In 2004 there was widespread dismay as the price of unleaded gasoline climbed to $2.03 a gallon.Motorists looked back longingly to 20 years earlier when they were paying just $1.19 a gallon.But how much had the real price of gasoline changed over this period,if the consumer price index was 1.81 times itself in 1984?


Definitions:

Monopolist

An entity, individual, or company that is the sole supplier of a particular commodity or service in a market, often resulting in the power to control prices and market conditions.

Market Demand

The aggregate amount of a product or service that every customer in a market is prepared and able to buy at different price levels.

AU Optronics

A Taiwan-based company specializing in the manufacturing of TFT LCD panels used in various electronic devices.

Price Fixing

An agreement among competitors to set the price of a product or service, rather than allowing it to be determined through free market competition.

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