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Increase in price and a decrease in quantity

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Some argue that to help combat climate change that the US should place a larger tax on the consumers of gasoline. Assume this happens and answer A-C within your same post.

  1. Provide an example of a market that would experience an increase in both price and quantity (i.e. a demand increase) on account of this situation and explain why.
  2. Provide an example of a market that would experience a decrease in both price and quantity (i.e. a demand decrease) on account of this situation and explain why.
  3. Provide an example of a market that would experience an increase in price and a decrease in quantity (i.e. a supply decrease) on account of this situation and explain why.

Reference no: EM133203024

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