Prompt 1:  prepare an assessment of why gas prices are relatively low, and still falling. Your assessment will include a graph of the gasoline market. Your graph should include at least 4 determinants that have caused a change in the equilibrium price and quantity of gasoline. Be sure to label each new equilibrium caused by the addition of another variable into your graph.

Prompt2: conclude your assessment by discussing whether or not falling gasoline prices are good for the economy. If falling gasoline prices are harmful to the economy, should the government impose a price floor? Be sure to use economic theory in your analysis, and address the four economic criteria of the efficiency, fairness, price stability and potential for economic growth associated with a price floor. Include a works cited.

 

 

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