Quantity exchanged in the market for gasoline

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The Newspaper reported that insurgents in Saudi Arabia had taken over a major oil refinery. What would you predict would happen to the average price and quantity exchanged in the market for gasoline in Saudi Arabia? Analyze whether there would be a shift in either curve or a movement along either curve for both the supply and demand curves in this market. Explain your answer.

Reference no: EM13734373

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