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7. In the lesson on 'price gouging' you saw that a South Florida gasoline station responded to the _____ of gasoline by _____. If he
7. In the lesson on 'price gouging' you saw that a South Florida gasoline station responded to the _____ of gasoline by _____. If he had fully adopted the principles of the 'invisible hand' he would have ___________________. a. Surplus; raising prices way too much; kept prices stable to sell more gas. b. Shortage; raising prices slightly; increased prices much more and allowed the rationing role of prices to function properly. c. Market equilibrium condition; raising prices; lowered prices to promote Say's law. d. Shortage; raising prices and ordering more gas from Texaco; lowered prices so that quantity demanded would increase
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