economics

Hello,
This is silly but as the gas prices increase, demand for gas also stays high correct? This is one of the weirder situations where that happens.

I feel like that's wrong but double checking.

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asked by T
  1. It depends. Sometimes, when gas prices increase, more people want or because they need it, but other times; gas prices increase and less people want it because the prices are too high.

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  2. Okay, I left out an important detail. This is in the case that there were gas shortages. "Limited" supply.

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    posted by T
  3. In that case, as it is scarce, those who drive, etc.. need it more.

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    posted by T
  4. So in that case, when there is an economic lil crisis there will be no market equilibrium, or will there? When prices are high, but demand is as well, it reaches an equilibrium? That doesn't seem right though. This stuff is tough without the exact actual knowledge of prices and all that.

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    posted by T

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