After Hurricane Katrina damaged many U.S. gasoline refineries in 2005, the price of gasoline shot up around the country. The Federal Trade Commission announced that it would investigate price gouging—charging "too much"—and several members of Congress called for price controls on gasoline. What would have been the likely effect of such a law had it been passed? Part 2 Price controls on gasoline would have Part 3 A. benefited all consumers because gas prices would have been lower. B. benefited all consumers because there would have been no surpluses. C. resulted in a market equilibrium because gas would have been affordable. D. resulted in a shortage because refiners would have shut down their plants in protest. E. resulted in a shortage because demand would have exceeded suppl
After Hurricane Katrina damaged many U.S. gasoline refineries in 2005, the price of gasoline shot up around the country. The Federal Trade Commission announced that it would investigate price gouging—charging "too much"—and several members of Congress called for price controls on gasoline. What would have been the likely effect of such a law had it been passed? Part 2 Price controls on gasoline would have Part 3 A. benefited all consumers because gas prices would have been lower. B. benefited all consumers because there would have been no surpluses. C. resulted in a market equilibrium because gas would have been affordable. D. resulted in a shortage because refiners would have shut down their plants in protest. E. resulted in a shortage because demand would have exceeded suppl
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 56P: Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply and...
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After Hurricane Katrina damaged many U.S. gasoline refineries in 2005, the price of gasoline shot up around the country. The Federal Trade Commission announced that it would investigate price
gouging—charging
"too
much"—and
several members of Congress called for price controls on gasoline. What would have been the likely effect of such a law had it been passed?Part 2
Price controls on gasoline would have
Part 3
benefited all consumers because gas prices would have been lower.
benefited all
consumers
because there would have been no
surpluses.
resulted in a market equilibrium because gas would have been affordable.
resulted in a shortage because refiners would have shut down their plants in protest.
resulted in a shortage because demand would have exceeded suppl
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