Hurricane Katrina damaged a large portion of oil refining and ...

[Starlight]

Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In the market for gasoline
 
  A) the demand curve shifted to the left resulting in a decrease in the equilibrium price.
  B) the supply curve shifted to the left resulting in an increase in the equilibrium price.
  C) the demand curve shifted to the right resulting in an increase in the equilibrium price.
  D) the supply curve shifted to the right resulting in an increase in the equilibrium price.

Question 2

Refer to Figure 9-4. Under autarky, the producer surplus is area
 
  A) S + V. B) S + T + V + W + X. C) V. D) T + W+ X.

[shewald78]

Answer to Question 1

B

Answer to Question 2

A

[Starlight]

Excellent

[laurnthompson]

TYSM