I am struggling to find the shortage and surplus answer to this question. I thought it was quantity demanded - quanity supplied, but that is incorrect. aysPrice($/gallon)Type your answers in all of the blanks and submitX₂ X² Ω·6A binding price floor$3.50$3$2.50You are incorrectA binding price4You are correctceilingYou are correct8 10 12 14XSupplyDemandQuantity (thousands of gallons)set at $3.50 per gallon results in a market surplus ofX gallons of gasoline according to the graph.set at $2.50 per gallon results in a market shortage ofgallons of gasoline according to the graph.

A binding price floor refers to when the government sets the minimum price that can get charged for…

ays Price ($/gallon) X₂ X² Ω- A binding price 6 Type your answers in all of the blanks and submit $3.50 $3 $2.50 You are incorrect A binding price floor 0 You are correct ceiling 8 10 12 14 You are correct Supply Demand Quantity (thousands of gallons) set at $3.50 per gallon results in a market surplus of X gallons of gasoline according to the graph. set at $2.50 per gallon results in a market shortage of

ays Price ($/gallon) X₂ X² Ω- A binding price 6 Type your answers in all of the blanks and submit $3.50 $3 $2.50 You are incorrect A binding price floor 0 You are correct ceiling 8 10 12 14 You are correct Supply Demand Quantity (thousands of gallons) set at $3.50 per gallon results in a market surplus of X gallons of gasoline according to the graph. set at $2.50 per gallon results in a market shortage of

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter14: Environmental Economics

Section: Chapter Questions

Problem 8SQ

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