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Reduction in gasoline supply would shift the curve

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If I have a demand shifting factor that impacts the equilibrium price and quantity what happens to the industry? For example, for the gasoline industry, a scenario could be civil unrest emerging in Saudi Arabia, since they are the largest exporter of gasoline, this would impede gasoline supply. The reduction in gasoline supply would shift the curve to the left and holding demand constant new equilibrium price and quantity.

Reference no: EM132310821

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