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Specification: 

  •  Demand and supply, labour markets, behavioural economics

Click to read the article below and then answer the questions:

BP service stations close as driver shortage hits UK fuel supplies

  • Define supply.

  • Using a demand and supply diagram, analyse the effects of the tanker driver shortage on the retail market for unleaded and diesel grades.

  • Using a labour market diagram, analyse the effects of the tanker driver shortage on drivers’ equilibrium wage.

  • In recent days, panic buying has been widespread causing huge traffic congestion close to petrol station forecourts. Evaluate the extent to which consumers are behaving rationally.

Gavin Clarke, Emmanuel College

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