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Conventional gasoline or petroleum diesel

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Gasoline refineries can use crude oil to produce either conventional gasoline or petroleum diesel, they are production substitutes. From March 2015 to March 2016, the price of petroleum diesel decreased relative to the price of conventional gasoline. By dragging the demand or supply curve left or right, and holding everything else constant, show the effect that this event will have on equilibrium price and quantity.

Reference no: EM133125078

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