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Suppose that in November 2020 the monthly demand and supply for gasoline in the U.S. were given by: D = 13.2 and S= 5 where
Suppose that in November 2020 the monthly demand and supply for gasoline in the
U.S. were given by:
D = 13.2 and S= 5
where Q and P measure, respectively, the quantity of gasoline (in billions of gallons) and the price
(in dollars per gallon).
a.Do the equations above indicate that the market of gasoline is affected only by the
price of gasoline (so that other variables don't matter)? Explain.
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