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Unformatted text preview: and on the other hand the Italians have small cars with better fuel efficiency because the gas is four more dollars per gallon. If the price of gas went up by two dollars which would make it four dollars per gallon, the demand for gasoline in the United States would go down as long as all other things stay the same. And Americans would have to look toward alternatives such as public transportation. 7. A. Graph B. Graph C. Whenever the demand goes up for a product it causes the price to increase. The housing prices are more likely to rise at a higher rate in Miami vs. the suburbs because there is limited room Miami. There is no room to expand in Miami, so the supply is lower thus causing the prices to be higher. In the suburbs there is a great chance that there is room to expand meaning that the supply is greater not causing the prices to increase as much....
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This note was uploaded on 04/21/2008 for the course AEC Food and r taught by Professor Daniel during the Spring '08 term at Mississippi State.
- Spring '08