A major hurricane shut down many coastal oil refineries, decreasing the supply of gasoline. Given the laws of supply and demand, how would you expect the price of gasoline to change? (3 points) The price will not change.
The price will go down because the supply has increased.
The price will go up because of the reduced supply.
The price will go down because there will be less demand for it.

Multiple-choice the word "democracy" means: (a) "rule by the people" (b) "minority rule" (c) "individual rights" in a democracy, election results are protected against dishonesty by: (a) laws (b) customs (c) values the type of government in which the people are represented by elected officials is sometimes called a: (a) monarchy (b) republic (c) totalitarian state in most democracies, the only legal requirements for voting or holding public office are based on age, residence, and: (a) religion (b) citizenship (c) personal wealth in an election, political parties give voters a choice among candidates who tend to represent different: (a) ethnic groups (b) religious groups (c) interests and points of view

The federal reserve is responsible for overseeing all a. income tax refunds b. changes in tax policies c. government spending d. depository institutions

Are a producer who is hoping to create a specific good. based on what you have learned about resources and scarcity, what factors do you need to consider when producing this good? give your answer in the form of three to four complete sentences.