State the average price and quantity exchanged in the market

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The Wall Street Journal recently reported that insurgents in Iraq 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 Iraq? 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: EM13217209

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