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    market for gasoline

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    As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small cars.

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    https://brainmass.com/economics/factors-of-production/market-for-gasoline-367520

    Solution Preview

    Managerial Economic
    As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small ...

    Solution Summary

    Effects on the market for gasoline are delineated. References are also provided to further validate the findings.

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