1, Graph the demand and supply curves and show the equilibrium price and quality.

2, At a price of $3 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? Indicate the surplus or shortage on the graph.

3, At a price of $6 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? Show the surplus or shortage on the graph.

Answer rating: 100% (QA)

Here are the steps to solve this problem 1 Graph the demand and suppl... View the full answer