What factors lead to high pump gas prices these days from Supply perspectives? Apply ALL of PRESTN Supply Determinants and include the source pages in your textbook.
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Expert's answer
2018-08-29T12:43:09-0400
High pump gas prices may be a result of decrease in supply on pump gas. A decrease in supply can result from a change in any of the five supply determinants. 1) Resource Prices: An increase in resource prices. 2) Production Technology: A decrease in production technology. 3) Other Prices: An increase in the price of a substitute-in-production or a decrease in the price of a complement-in-production. 4) Sellers' Expectations: Expectations by sellers of an increase in the price in the future. 5) Number of Sellers: A decrease in the number of sellers in the market. Source: https://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=supply+decrease
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