Suppose the US demand curve for gasoline shifts rightward, and the U.S. supply curve for gasoline remains unchanged. As a result, the price of gasoline increases by 9 percent, and the equilibrium quantity increases by 3 percent.
Which of the following statements is true based on this information? A) The price elasticity of supply for gasoline is roughly 0.33.
B) The price elasticity of supply for gasoline is roughly 3.
C) The price elasticity of demand for gasoline is roughly 0.33.
D) The price elasticity of demand for gasoline is roughly -3.
Question 2
If the MSB/MCA graph indicates that an emissions fee of 10 per unit would lead to the optimum level of emissions, but the government set a fee of 5 per unit, emissions would
A) not be reduced at all.
B) not occur at all.
C) be above the optimum level, but curtailed somewhat from what they would have been with no fee at all.
D) be above the optimum level by 50.
E) be below the optimum level by 50.
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