Would the us gasoline maket be effiecient

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Concerned about the polictical fallout from rising gas prices, suppose that the u.s. government imposes a price ceiling of $3.00 a galon on gasoline. Q:: Explain how the market for gasoline would react to this price ceiling if the oil-producing nations increased production anddrove the equlibriu price of gasoline to $2.50 a gallon. Would the U.S. gasoline maket be effiecient?

Reference no: EM13219370

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