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Suppose that in November 2021 consumers in the U.S. purchase 10 billion gallons of gasoline paying $3.2 per gallon. Assuming that the law of demand
Suppose that in November 2021 consumers in the U.S. purchase 10 billion gallons of gasoline paying $3.2 per gallon. Assuming that the law of demand holds, is the maximum willingness to pay for all 10 billion gallons greater, smaller or exactly equal to 10*3.2? Explain.
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