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.

D. supply curve shifts to the left

C. price increases and quantity decreases

Step-by-step explanation:

Since the number of sellers decreases, the quantity available at the same price decreases. This shifts the supply curve to the left.

When the supply curve shifts to the left, the equilibrium point shifts to the left (and up the demand curve). Hence the price increases and the quantity decreases.

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explanation

the graph has a slope of 1/3 because each time you move up 1, you go to the right 3. so, slope = rise/run = 1/3. we can cross choice a off the list since we want a slope of 3, rather than 1/3.

the first table shown has a slope of -3. this is because the rise is -6 and the run is 2, so slope = rise/run = -6/2 = -3. note how x increases by 2 each time (run) and y drops by 6 each time (rise). choice b can be eliminated.

the second table has a slope of 3. each time x goes up by 1, the y values increase by 3. slope = rise/run = 3/1 = 3. alternatively you can use the slope formula to prove that the slope is 3 here. use any two rows of values to generate the two points. choice c is one of the answers

the third table also has a slope of 3. let's use the slope formula to prove as such. i'm going to use the first two rows of the table. so i'll use the two points (2,1) and (5,10)

m = slope

m = (y2-y1)/(x2-x1)

m = (10-1)/(5-2)

m = 9/3

m = 3 so we get a slope of 3

choice d is the other answer

change of stock price/initial stock price on friday * total stock value = change of stock value

0.89/73.73 *x = 42.72

x=3539.04 = total stock value at initial stock price on friday .

total stock value at initial stock price on friday/ initial stock price on friday = number of shares

3539.04/73.73 = 48 shares

they own 48 shares of this stock