Economic models
A) are used to explain how people think.
B) are used to explain how people behave.
C) are essential representations of the real world.
D) are never used for making economic projections or predictions.
Question 2
The market for gasoline in May is in equilibrium, at a market clearing price of 4.50 per gallon. After Memorial Day, the demand curve for gasoline increases, which causes
A) the demand curve for gasoline to shift to the right, creating a shortage at 4.50 per gallon which causes the market clearing price of gasoline to rise.
B) the demand curve for gasoline to shift to the right, creating a shortage at 4.50 per gallon which causes the market clearing price of gasoline to fall.
C) the demand curve for gasoline to shift to the left, creating a shortage at 4.50 per gallon which causes the market clearing price of gasoline to rise.
D) the demand curve for gasoline to shift to the left, creating a shortage at 4.50 per gallon which causes the market clearing price of gasoline to fall.
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