Describe the effect of each of the following events

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Reference no: EM13214908

Describe the effect of each of the following events on the demand or supply of gasoline in the USA. Further indicate the likely direction in the amount of gasoline exchanged AND the expected market price (both) when:

a. Domestic incomes decrease
b. The price of natural gas rises
c. A new oil field is discovered and put into service.
d. The average price of automobiles declines.

Reference no: EM13214908

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