econarticle2

econarticle2 - The law of demand states that more of a good...

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Derrick Palecek Article #2 In the article “$2 gas? Blame supply vs. demand,” Donald Patterson discusses the recent creep in gas prices predominantly in the North Carolina area. Prices across the NC region have increased slightly to just below $2, and in some places above $2. Many analysts in the article also predict that gas prices will rise much more in the coming months. This article from Donald Patterson was written with the intent to inform readers that the price is slowly rising and that it looks like it will rise more with the summer months coming shortly. The recentness of this article proves that this is much more likely across the United States than just in the North Carolina region. I personally have noticed a price rise in gas prices around our region, though a lot better than the $4/gallon chaos over the years. As the article points out, this is a clear-cut case of demand.
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Unformatted text preview: The law of demand states that more of a good will be demanded the lower its price, other things constant. Thus, there is an inverse relationship between the price of gas and the quantity demanded of gas. At the same time this is also a case of supply, which usually end up hand-in-hand in the economic world. The law of supply states that more of a good will be supplied the higher its price, other things constant. Thus, there is a direct relationship between the price of gas and the quantity of gas supplied. Overall, we as American drivers have to come to the realization that gas prices arent and werent going the stay as low as theyve been. The more we buy gas the higher the price goes, and with the summer months upon us, prices and demand are sure to soar. Derrick Palecek Article #2...
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econarticle2 - The law of demand states that more of a good...

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