Use the Following to Answer Question(s): Demand and Supply of Gasoline

Multiple Choice

Use the following to answer question(s) : Demand and Supply of Gasoline

-(Exhibit: Demand and Supply of Gasoline) When the supply curve shifted from the initial equilibrium to the new intersection of supply and demand at a price of ________ and quantity of 400, this could have resulted from ________ .

A) $1.50; an increase in consumers' income
B) $1.50; an improvement in refining technology
C) $2.00; an increase in the number of buyers
D) A and B are true