Describe the market for petroleum, show and explain the effects

Question # 00702137 Posted By: dr.tony Updated on: 06/27/2018 08:35 AM Due on: 06/27/2018
Subject Economics Topic Microeconomics Tutorials:
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On a graph describe the market for petroleum, show and explain the effects on that market (price, quantity, the rationing function, etc.) of the government imposing price control at a level below equilibrium price.

part B

B. Suppose next that the government removes the price control. Show diagrammatically, and explain the effect of that action on: (1) the market for Petroleum, (2) the market for coal (users consider coal a substitute for petroleum).

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  1. Tutorial # 00701976 Posted By: dr.tony Posted on: 06/27/2018 08:36 AM
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