What happens to the use of steel if there is a sudden decrease in its supply: In particular, explain how the new price of steel helps to ration its use

What happens to the use of steel if there is a sudden decrease

Answer the following questions. When it needs bring examples, references and in-text citations. Do follow APA style throughout your writing. Answers should be minimum 2 pages, double space, Times New Romans.

1.     What happens to the use of steel if there is a sudden decrease in its supply? In particular, explain how the new price of steel helps to ration its use.

2.     When the price of gasoline rose to $4 per gallon in the summer of 2008, many people were outraged at how gas companies were “price gouging” individuals, and called for price controls on gasoline. If the government had agreed to legally cap the price of gasoline, would this have lowered the cost to consumers? Explain.

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