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The table below shows the market supply and demand schedules for barrels of oil. Price Per ...

citycyborg

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The table below shows the market supply and demand schedules for barrels of oil. Price Per ...

The table below shows the market supply and demand schedules for barrels of oil.

Price Per Barrel	Quantity Demanded	Quantity Supplied
$25	525	150
$50	450	200
$75	375	250
$100	300	300
$125	225	350
$150	150	400

If the government set a price ceiling of $50 per barrel for oil, what would happen in the market for gasoline?

▸ There would be excess demand of 150 barrels.

▸ Nothing, this is not a binding price ceiling.

▸ There would be excess supply of 150 barrels.

▸ Demand will increase.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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darlena

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citycyborg Author

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This calls for a celebration Person Raising Both Hands in Celebration

jodie1

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

fgarza2146

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Good timing, thanks!

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