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"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) the quantity demanded equal to the quantity supplied
b)a shortage of gasoline
c)a surplus of gasoline
d) an increase in the demand for gasoline
The right answer is B) a shortage of gasoline, but I thought it was A) the quantity demanded equal to the quantity supplied, since it is at initial equilibrium price? Can someone help explain this?
Explain how do the fiscal policy changes play a role in the theory of political business cycles
Write a brief for the Central Banker of Ireland, outlining your recommendation on the interest rate that should be set at the next policy meeting.
Why would cash transfers typically be preferred by recipients over in-kind transfers? Why would cash transfers typically be preferred by recipients over in-kind transfers?
Ceteris Paribus means all other things being equal. In the Keynesian, Classical, and Solow model, determine the impact of an raise in production technology
Prices for a hypothetical good have been falling over an extended time period. Describe at least two non-governmentally-caused market demand conditions that might explain these decreases in price. Be specific in your answer.
Elucidate three arious ways in which the Federal Reserve would change the money supply.
What are some examples of irreversible investments? I know they're investments that have high value only under specific conditions and can't be easily moved, adjusted, or reversed if conditions change, but I don't know what are real-life examples.
In this year's SuperBowl, the Green Bay Packers will face the Pittsburgh Steelers in Arlington Texas. Tickets are available on web sites such as StubHub starting at approximately $1,000 per ticket, with prices rising significantly based on seat lo..
Select an article on economic competition from a professional economic, or management journal published in the past 7-years such as The Economist,
Why is social stratification Universal? What shifts in global stratification seems to be taking place? Why?
Roi resources currently have an unused gold mine. Mine was shut down four years ago due to depressed price of gold. However ROI are considering re-opening the mine.
In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm produ..
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