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Consider the following factor and indicate whether it increases or decreases the equilibrium price of gasoline and the equilibrium quantity of gasoline sold. In this problem, assume that gasoline is a normal good.

When the number of sellers decreases, the


Choose one:
A. supply curve shifts to the right.
B. demand curve shifts to the right.
C. demand curve shifts to the left.
D. supply curve shifts to the left.


As a result,


Choose one:
A. price decreases and quantity decreases.
B. price decreases and quantity increases.
C. price increases and quantity decreases.
D. price increases and quantity increases.

Respuesta :

Erin2626

When there are less sellers, the demand curve shifts to the right.

As a result, price increases and quantity decreases.

Explanation:

Say there’s two gas stores. One shuts down. The gas store that is still opened will gain all of the shut down gas store’s business. This means there will be a high demand and the curve shifts right. Because of the high demand, there will be a decrease in goods available (quantity decrease). With limited goods, the gas store will have no choice but to raise the price.

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