The table above shows the situation in the gasoline market in​ Tulsa, Oklahoma. If the price of a gallon of gasoline is​ $2.20, then A. there is a surplus of gasoline in Tulsa. B. there is a shortage of gasoline in Tulsa. C. the gasoline market in Tulsa is in equilibrium. D. Without more information we cannot determine if there is a​ surplus, a​ shortage, or an equilibrium in the gasoline market in Tulsa. E. There is neither a surplus nor a​ shortage, but the market is NOT in equilibrium.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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The table above shows the situation in the gasoline market in​ Tulsa, Oklahoma. If the price of a gallon of gasoline is​ $2.20, then

A.

there is a surplus of gasoline in Tulsa.

B.

there is a shortage of gasoline in Tulsa.

C.

the gasoline market in Tulsa is in equilibrium.

D.

Without more information we cannot determine if there is a​ surplus, a​ shortage, or an equilibrium in the gasoline market in Tulsa.

E.

There is neither a surplus nor a​ shortage, but the market is NOT in equilibrium.  

Price
(dollars per gallon)
2.30
2.27
2.25
2.20
Quantity demanded
(gallons of gasoline)
337,982
396,398
412,031
417,899
Quantity supplied
(gallons of gasoline)
441,074
428,008
412,031
391,665
Transcribed Image Text:Price (dollars per gallon) 2.30 2.27 2.25 2.20 Quantity demanded (gallons of gasoline) 337,982 396,398 412,031 417,899 Quantity supplied (gallons of gasoline) 441,074 428,008 412,031 391,665
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