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 $3.73, then\no there is a surplus of gasoline in tulsa.\no the gasoline market in tulsa is in equilibrium.\no there is a shortage of gasoline in tulsa.\no without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in tulsa.\no there is neither a surplus nor a shortage but the market is not in equilibrium.\nprice (dollars per gallon) quantity demanded (gallons of gasoline) quantity supplied (gallons of gasoline)\n3.73 337,982 441,074\n3.68 396,398 428,008\n3.65 412,031 412,031\n3.62 417,899 391,665

the table above shows the situation in the gasoline market in tulsa, oklahoma. if the price of a gallon of gasoline is $3.73, then\no there is a surplus of gasoline in tulsa.\no the gasoline market in tulsa is in equilibrium.\no there is a shortage of gasoline in tulsa.\no without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in tulsa.\no there is neither a surplus nor a shortage but the market is not in equilibrium.\nprice (dollars per gallon) quantity demanded (gallons of gasoline) quantity supplied (gallons of gasoline)\n3.73 337,982 441,074\n3.68 396,398 428,008\n3.65 412,031 412,031\n3.62 417,899 391,665

Answer

Explanation:

Step1: Identify quantity demanded and supplied

When price = $3.73, quantity demanded = 337,982 gallons and quantity supplied = 441,074 gallons.

Step2: Compare quantity demanded and supplied

Since quantity supplied (441,074) > quantity demanded (337,982), there is a surplus.

Answer:

there is a surplus of gasoline in Tulsa.