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Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through th

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9 years ago

Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through th

Hurricane Katrina damaged a large portion of refining and pipeline capacity when it swept through the Gulf coast states in August 2005. As a result of this, many gasoline distributors were not able to maintain normal deliveries. At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see
A) a surplus of gasoline.
B) the quantity demanded equal to the quantity supplied.
C) a shortage of gasoline.
D) an increase in the demand for gasoline.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face

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Smoooth

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Smoooth

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9 years ago

My pleasure Happy Dummy

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lfesaitu

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8 years ago

Quote from: Smoooth (9 years ago)

My pleasure Happy Dummy

Hey, sorry to bother you but can you explain why that is the answer. I mean, the question says PRE-HURRICANE Price. I would expect the shortage to happen AFTER Katrina. Thank you kindly!

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