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Business, 08.03.2021 20:00 sherlock19

In 1973 and​ 1974, the Organization of the Petroleum Exporting Countries​ (OPEC) imposed an embargo on shipments of crude oil to the United States. What followed was a drastic reduction in the quantity of gasoline available at local gas pumps. Congress imposed a price ceiling​, or maximum​ price, of​ $0.57 per gallon of leaded regular gasoline. That price ceiling was intended to keep gasoline​ "affordable." ​1.) Using the line drawing​ tool, depict the effect of the crude oil embargo such that the​ free-market price would rise to​ $1.50 per gallon.​ (Draw any shift in a line parallel to the original​ line.) Properly label this line. ​2.) Using the point drawing​ tool, illustrate the quantity supplied at the price ceiling of​ $0.57 per gallon.

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In 1973 and​ 1974, the Organization of the Petroleum Exporting Countries​ (OPEC) imposed an embargo...

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