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Unformatted text preview: What will happen to equilibrium price and quantity of gasoline? 7. (4 pts) How would a rise in the price of crude oil affect the market supply for gasoline? Does the supply curve shift left or right and why? What will happen to the equilibrium price and quantity of gasoline if, in addition to the rise in the price of crude oil, there is an increase in population?...
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- Spring '08