(Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.When the supply curve shifted from the initial equilibrium,the new intersection of supply and demand has a price of _____ and quantity of 400.This supply shift 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) $2.00;an increase in consumers' income

Demand and Supply of Gasoline

The demand and supply of gasoline refer to the quantity of gasoline consumers are willing to buy at various prices and the quantity of gasoline producers are willing to sell at these prices, respectively.

Initial Equilibrium

The state where supply and demand balances are met at the beginning of an analysis, setting the baseline prices and quantities.

Refining Technology

The process and technology improvements involved in purifying raw materials, particularly in converting crude oil into gasoline, diesel, and other petroleum products.