Question 110 Following the terrorist attacks of September 11th 2001 citizens of

Question 110 following the terrorist attacks of

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Question 1.10: Following the terrorist attacks of September 11th, 2001, citizens of the United States were hesitant to travel by airplane. As a result, Americans who would have previously flown began driving more often. By dragging the demand curve left or right or selecting the quantity demanded, show the effect that this event will have on the market for gasoline. The demand curve shifts right. Question 1.11:
Gasoline prices over the past few weeks have fallen. By dragging the demand curve left or right or selecting the quantity demanded, show the effect that this event will have on the market for gasoline. The quantity demanded increases Question 2.1: To draw the supply curve, the number of refineries must be held constant. If a hurricane in the Gulf Coast forces the refineries at Galveston and Shreveport to suspend operations, which of the following statements are true? Select all correct answers. The firm’s supply curve for gasoline will change. The ceteris paribus assumption is violated. The firm will supply less gasoline at all prices. The firm’s supply curve will become downward sloping. The ceteris paribus assumption is violated. The supply curve will move to a different place. The quantity of gasoline supplied at each price will change. Question 2.2: As the price of gasoline increases, the quantity supplied of gasoline by the Gulf Coast Refining Company increases . Question 2.3: What is the total quantity supplied at $3.00 per gallon? 100 300 200 Question 2.4: What is the total quantity supplied at $4.00 per gallon? 300 450 150 Question 2.5: Which arrow on the graph shows a change in Quantity Supplied?
A B Both Question 2.6: Which arrow on the graph shows a change in Supply? A B Both Question 2.7: The states of Texas and Louisiana relax regulations on where gasoline refineries can operate resulting in more refineries. By dragging the supply curve left or right or selecting the quantity supplied, show the effect that this event will have on the gasoline market. In this scenario, presume the relaxed regulations increases the number of gasoline refineries in operation. The quantity supplied shifts right The price of crude oil, the primary input to gasoline, increases sharply. By dragging the supply curve left or right or selecting the quantity supplied, show the effect that this event will have on the gasoline market. The quantity supplied shifts left Question 2.8: The Environmental Protection Agency approves stricter pollution regulations increasing the marginal cost of refining gasoline. By dragging the supply curve left or right or selecting the quantity supplied, show the effect that this event will have on the gasoline market. The quantity supplied shifts left n improvement in technology allows firms to process a higher percentage of their oil input into gasoline. By dragging the supply curve left or right or selecting the quantity supplied, show the effect

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