Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Looking at the graph, if price was $2.20 per gallon and decreased to $1.60 per gallon, how does quantity supplied of gasoline change? A)640 million

Looking at the graph, if price was $2.20 per gallon and decreased to $1.60 per gallon, how does quantity supplied of gasoline change?

A)640 million gallons to 720 million gallons

B)720 million gallons to 640 million gallons

C) 720 million gallons to 600 millions gallons

image text in transcribed
$2.20 ($2.20 per gallon, 720 million gallons) $2.00 ($2.00 per gallon, 700 million gallons) $1.80 ($1.80 per gallon, 680 million gallons) $1.60 ($1.60 per gallon, 640 million gallons) Price ($ per gallon) $1.40 ($1.40 per gallon, 600 million gallons) $1.20 ($1.20 per gallon, 550 million gallons) $1.00 ($1.00 per gallon, 500 million gallons) 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons)$2.20 ($2.20 per gallon, 720 million gallons) $2.00 ($2.00 per gallon, 700 million gallons) $1.80 ($1.80 per gallon, 680 million gallons) $1.60 ($1.60 per gallon, 640 million gallons) Price ($ per gallon) $1.40 ($1.40 per gallon, 600 million gallons) $1.20 ($1.20 per gallon, 550 million gallons) $1.00 ($1.00 per gallon, 500 million gallons) 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

China's Water Pollution Problems

Authors: Claudio O Delang

1st Edition

1317209257, 9781317209256

More Books

Students also viewed these Economics questions

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago