Question

The price drivers pay for gasoline often varies a great deal across regions throughout the United States. The following data show the price per gallon for regular gasoline for a random sample gasoline service stations for three major brands of gasoline (Shell, BP, and Marathon) located in eleven metropolitan areas across the upper Midwest region

Answer 1

Gasoline prices can vary due to supply and demand, seasonal fluctuations, and changes in the cost of crude oil. Economists study these price movements to understand what influences gasoline prices.

Step-by-step explanation:

Gasoline prices can vary across regions and over time due to several factors, including supply and demand, seasonal fluctuations, and changes in the cost of crude oil. For example, the price of gasoline is often higher in the summer because people drive more and are willing to pay more. Conversely, gasoline prices can fall during periods of increased supply or decreased demand. Economists study these price movements to understand what influences gasoline prices and how buyers and sellers determine what they are willing to pay or accept.