Link to the article is here:

https://docs.google.com/document/d/1X-L1la6s95yqehLtcJFpfc36cRR4FbTqAs7S_qQRnbE/edit

The Wall Street Journal article assigned for this exam covers the recent history of natural gas prices. These prices have followed a turbulent path over the last three years. Between 2020 and the middle of 2022, they rose from about $2 per million BTUs (British thermal units) to $8.80 per million BTUs in August 2022. Since that time gas prices have plummeted to $2.38 per million BTUs in late February. The following questions deal with the price decrease since August 2022. Use the microeconomics knowledge you have obtained in this course to answer them. You should cite facts from the article as needed to support your arguments. a) Why has the price of natural gas dropped so much over the last three months? b) Would you say that the market for natural gas is in equilibrium at the time the article was written ? Or is it in a shortage or surplus situation? Explain. c) The article contains a bit of speculation about the future direction of natural gas prices. If you had to make such a prediction, what information would you need to determine where natural gas prices will eventually end up? 1 A v B E SS