Suppose the market for gasoline starts out in equilibrium, a…
Suppose the market for gasoline starts out in equilibrium, as seen from the Supply & Demand graph below. Refer to your answers as (a), (b), & (c). Suppose the demand curve shifts to the right and the supply curve shifts to the left. a. Provide one specific reason why the demand curve for gasoline would shift to the right. b. Provide one specific reason why the supply curve for gasoline would shift to the left. c. Given the shifts above, what will happen to the new equilibrium price and quantity of gasoline? Answer in 1-2 sentences.