The market for gasoline in the United States was impacted significantly in 2005 by a leftward shift in _____ attributed to an act of _____.Multiple choice question.supply; naturesupply; governmentdemand; naturedemand; government
Question
The market for gasoline in the United States was impacted significantly in 2005 by a leftward shift in _____ attributed to an act of _____.Multiple choice question.supply; naturesupply; governmentdemand; naturedemand; government
Solution
The correct answer is "supply; nature". This refers to the significant impact of Hurricane Katrina in 2005, which damaged oil refineries in the Gulf of Mexico and caused a decrease in the supply of gasoline. This is represented by a leftward shift in the supply curve.
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