Britain experiences a shortage of heavy goods vehicle drivers
due to an ageing workforce and difficulties recruiting young
people. This leads to a shortfall and potential supply chain
problems in delivering gas and fuel.
In addition, fear of gas shortage and anticipated extreme weather
leads to panic-buying. This panic-buying is believed to exacerbate
the situation even further.
Use the three-step method to analyze the effects of these events on
the equilibrium price and quantity of gas in the affected areas.
Explain in detail and support your answer with a diagram.
Britain experiences a shortage of heavy goods vehicle drivers due to an ageing workforce and difficulties recruiting you
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