the table above shows the situation in the gasoline market in tulsa, oklahoma. if the price of a gallon of…

the table above shows the situation in the gasoline market in tulsa, oklahoma. if the price of a gallon of gasoline is $3.65, then the gasoline market in tulsa is in equilibrium. there is a shortage of gasoline in tulsa. there is a surplus of gasoline in tulsa. without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in tulsa. there is neither a surplus nor a shortage but the market is not in equilibrium.

the table above shows the situation in the gasoline market in tulsa, oklahoma. if the price of a gallon of gasoline is $3.65, then the gasoline market in tulsa is in equilibrium. there is a shortage of gasoline in tulsa. there is a surplus of gasoline in tulsa. without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in tulsa. there is neither a surplus nor a shortage but the market is not in equilibrium.

Answer

Brief Explanations:

In a market, equilibrium occurs when quantity demanded equals quantity supplied. From the table, at a price of $3.65 per gallon, the quantity demanded (412,031 gallons) is equal to the quantity supplied (412,031 gallons).

Answer:

the gasoline market in Tulsa is in equilibrium.