7.1 After Hurricane Katrina damaged a substantial portion of the nations oil-refining capacity in 2005, the price

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7.1 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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Microeconomics With Calculus

ISBN: 9780273789987

3rd Global Edition

Authors: Jeffrey M. Perloff

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