... of land, relative to Japan, but by selling agricultural goods to Japan, it is as if Japan had more land, by way of access to US land. Similarly, by buying automobiles from Japan, it is as if ... demanded qd. This causes some buyers to fail to find goods, leading to higher asking prices and higher bid prices by buyers. The tendency for the price to rise is illustrated with the arrows ... for the refineries to which BP sells. The demand for oil by refineries is governed by a complex economic model used by the refineries and BP estimates the demand by refineries by estimating the...