Decrease demand finding alternatives to oil. graph how, Ask an Expert

Economics

Would you rather have the forces of demand and supply determine the price of gasoline which you pay at the pump, or would you prefer a government mandated price ceiling? What problems would a price ceiling on gasoline bring?

There are two different schools of thought on how to lower gasoline prices and reduce US dependence on foreign oil.

1. Increase SUPPLY of oil (drilling offshore)

2. Decrease DEMAND (finding alternatives to oil).

Graph how these two changes will bring about lower gas prices. Which school of thought do you subscribe to?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9441979

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