After Hurricane Katrina damaged a substantial portion of the nation's oil-refining capacity in 2005, the price of
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After Hurricane Katrina damaged a substantial portion of the nation's oil-refining capacity in 2005, the price of gasoline shot up around the country. In 2006, many state and federal elected officials called for price controls. Had they been imposed, what effect would price controls have had? Who would have benefited, and who would have been harmed by the controls? Use a supply-and-demand diagram to illustrate your answers.
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In the absence of price controls the leftward shift of the supply curve as a result of Hurrica...View the full answer
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