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Consider the market for gasoline, illustrated in the figure to the right. 5.00 The equilibrium quantity of gasoline is million gallons (enter a numeric response
Consider the market for gasoline, illustrated in the figure to the right. 5.00 The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded 4.50 to two decimal places) and the equilibrium price is $ per gallon. 4.00 If instead the market price were $1.75, then there would be a of million gallons. 3.50- 3.00 Price of Gasoline (per gallon) 2.50 - 2.00- 1.50- 1.00- D 0.50- 0.00- 2.5 5 7.5 10 12.5 15 17.5 20 22.5 25 Quantity of Gasoline (gallons in millions)
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