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The US believes in the free market economy. If gasoline is scarce (the demand exceeds the supply) then the price goes up, and as a result people buy less gasoline, and thus supply and demand come back into balance. If gasoline is abundant (more supply than demand) then the price goes down, and people will buy more of it; once again there is a balance between supply and demand. That's the theory, anyway.
Charley Lowe
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Who controls the price of gasoline?
the government controls the price of gasoline
The US government should not regulate the price of gasoline...Why?
The US believes in the free market economy. If gasoline is scarce (the demand exceeds the supply) then the price goes up, and as a result people buy less gasoline, and thus supply and demand come back into balance. If gasoline is abundant (more supply than demand) then the price goes down, and people will buy more of it; once again there is a balance between supply and demand. That's the theory, anyway.
What type of economic system involves supply and price regulate by the government?
comand
What is the likely effect of this high demand on gasoline prices?
The Price of the gasoline with increase : D
What is the price of Gasoline in Warrenton, Mo. 63383?
What is the price of Gasoline in Warrenton Mo.
Which statement most accurately explains the effect pf competition among local gas stations on the price of gasoline?
The demand for gasoline will decrease. The price of gasoline will decrease. The supply of gasoline will increase. The price of gasoline will increase.
What was the price of gasoline in 1993?
Years ago the price of gasoline was very less expensive. For example in the year 1993 the price of gasoline was approximately $1.11 per gallon.
How does japan's government control and regulate the economy?
Japan's government uses Monetary policy and Fiscal policy to regulate the economy. Japan keeps taxation rates low and it also keeps a high level of foreign reserves to control the price of the Yen.
Who determines prices on products in Mexico?
The free market. On very few instances, such as gasoline, the government decrees an established price.
What is an effect of the government instituting a price of ceiling of 2.00 a gallon of gasoline?
Quantity demanded will be more than the quantity supplied.
What was the average price of gasoline in 1983?
The average price of gasoline in 1983 was 37p in the UK http://www.speedlimit.org.uk/petrolprices.html and the average price of gasoline in 1983 in the USA was $0.81 a gallon.
Why the gasoline is high price?
It's the basics of supply versus demand. The demand is extremely high right now and supplies are mediocre ... hence the price goes up. The other reason is that the big oil companies want to make Billions of dollars of profit and won't want to share their fortune with anyone. The government needs to step in and regulate fuel prices.
