Use the Following to Answer Question(s): Demand and Supply of Gasoline

question 227

Multiple Choice

Use the following to answer question(s) : Demand and Supply of Gasoline

-(Exhibit: Demand and Supply of Gasoline) When the supply curve shifted from the initial equilibrium to the new intersection of supply and demand at a price of ________ and quantity of 400, this could have resulted from ________ .

• A) $1.50; an increase in consumers' income
• B) $1.50; an improvement in refining technology
• C) $2.00; an increase in the number of buyers
• D) A and B are true

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Definitions:

Event Marketing

The promotional strategy that involves face-to-face contact between companies and their customers at special events like concerts, fairs, and sporting events.

Charitable Performances

Events or shows organized to raise funds or awareness for charitable causes or nonprofits.

Place Utility

The value added to products through making them more accessible or convenient to consumers, often by changing their location.

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A food service establishment specializing in the preparation and sale of sandwiches.