Question

You are driving your car along a busy stretch of Ellesmere Road, between the UTSC campus and downtown Toronto. Suddenly,the light on your gas tank gauge comes on. You are

almost out of gas! One block later, you pass an Esso station selling gas at$1.23 per litre. Two blocks later, you pass a Shell station, selling gas at $1.22 a litre, but it looks busy. Three blocks later, you pass a Petro Canada station, selling gas at $1.21 a litre, but it's on the opposite side of the road. Two blocks later you pass a Sunoco station selling gas at $1.23 a litre. Two blocks later, you pass an Olco station, selling gas at $1.21 a litre. The price is a little cheaper than most, but more important it's on your side of the road and the gas station doesn't look too busy. You decide to stop, and fill up there. At that time and place, the market for gasoline is: Perfect Competition Monopolistic competition O An oligopoly A monopoly

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