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The demand for energy in the United States is often described as persistently non-cyclical and not sensitive to both prices effects. Given these characteristics, describe the effect of each of the following on the demand or supply for gasoline. Further indicate the likely direction in the amount of gasoline exchanged the resultant market price when:

a) domestic incomes increase
b) the price of natural gas declines
c) A new refinery comes into service
d) the average price of automobiles declines

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M967852

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