Question

THIS IS FOR ECONOMICS (please help)

Gas prices have risen over a dollar the last 3 months. Apply the concept of supply and demand and explain what would happen to the supply of gas and the demand for gas as a result of this increase

Answer 1

demand decrease, supply increase

Step-by-step explanation:

consumers will reduce spending with price increases, so demand will decrease. Therefore supply will increase as supply is inversely proportional to demand in this model.