M4_A2_NBautista

M4_A2_NBautista - Organization of Petroleum Exporting...

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Nayeli Bautista Module 4 Assignment 2 March 29, 2011 In my local community where I live there are three local gas stations. The three gas stations share the same price pumped for gas, but vary in their product differences each type of gas brand contains. For instances, quality is such an important matter to each customer what they prefer to use because of the type of car they drive. Although, gas brands are preferred by each customer the quality each person picks or prefers is depended upon their choice. For example, the three types of gas grades that are regular, midgrade, and premium also vary on what the customers prefers to use. I think some factors that make a difference to a customer are the brand, price, and the type of gas they prefer to pump gas on their car. Gasoline comes from the Energy Information Administration that is marketed by the
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Unformatted text preview: Organization of Petroleum Exporting Countries. A Market clearing is known as a supply and demand law that consists of goods being a need or a necessity. For example, as the price of a good goes up, consumers demand less of it and more supply enters the market. If the price is too high, the supply will be greater than demand, and producers will be stuck with the excess. Conversely, as the price of a good goes down, consumers demand more of it and less supply enters the market. If the price is too low, demand will exceed supply, and some consumers will be unable to obtain as much as they would like at that price we say that supply is rationed. Nayeli Bautista Module 4 Assignment 2 March 29, 2011...
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This document was uploaded on 07/27/2011.

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M4_A2_NBautista - Organization of Petroleum Exporting...

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