Why does each of these gas stations have so little control over the price of the gasoline
Question:
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station. Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for a gallon of gas. When Sheetz raises the price, Rutter's pumps are busy. When Sheetz lowers prices, there's not a car in sight. Both gas stations survive but each has no control over the price.
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These stations face a large amount of competition not only from each other but al...View the full answer
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