Principles of Macroeconomics

1. When wholesale prices are high, what should normally happen to supply and price at retail gas pumps? What supply determinant would explain this? What does the article state retailers usually have to do when wholesale prices are high?

2. Why must retailers keep prices low enough that they sell at a loss? What does the article state consumers do more often when gas prices are high? What demand determinant explains why consumers would do this?

3. What does the article state about the relationship between gas pumps and the attached convenience stores? What demand determinant does this relate to? Going by this determinant, what would happen to demand for convenience store items when gas prices are lower?

4. What does the article state consumers do when gas prices start to fall? What does this allow sellers to do? What supply determinant might relate to this?

This is an assignment due September 14th and I need help on it PLEASE RESPOND!!!!!!!