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If a global shortage of oil sends the equilibrium price of gasoline to $ 4 . 5 0 a gallon, _ _ _ _ _
If a global shortage of oil sends the equilibrium price of gasoline to $a gallon, of gasoline will emerge. The market for gasoline will be
A
a shortage; inefficient because the marginal cost of gasoline exceeds its marginal benefit
B
neither a surplus nor a shortage; efficient
C
a surplus; inefficient because the marginal benefit of gasoline exceeds its marginal cost
D
a shortage: inefficient because the marginal benefit of gasoline exceeds its marginal cost
E
a surplus; inefficient because the marginal cost of gasoline exceeds its marginal benefit
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