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Large portion of refining and pipeline capacity

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For this question, 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? Why is the answer a shortage of gasoline.

Reference no: EM131211690

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