Price (dollars per gallon) 52 A $5.00 B 3.00 C 2.00 `Demand 30 40 45 Quantity (millions of gallons per month) Assume that demand curve intersects vertical axis at the price $9, the supply curve $2 curve intersects the vertical axis at the price $1, the supply curve intersects the vertical axis $1 at the price $.50 A) When the war in the Middle East disrupts imports of oil into the United States and there is no price ceiling, the equilibrium quantity and price in the market for gasoline is: a. $2, 45 gallons b. $3, 45 gallons c. $5, 45 gallons d. $3, 40 gallons B) Refer to your answer above, if there is no price ceiling calculate the dollar value of the total consumer surplus is. a. $360 b. $240 c. $120 d. $40 C) Refer to your answer in part A, if there is no price ceiling the dollar value of the total producer surplus is: a. $80 b. $40 c. $90 d. $60