There is soon going to be a decrease in supply of oil and gas because of new stricter environmental regulations. At the same time, more people are returning to work after a pandemic and are driving their cars more. What would be the effect of these two events on market for gasoline?

Question

There is soon going to be a decrease in supply of oil and gas because of new stricter environmental regulations.  At the same time, more people are returning to work after a pandemic and are driving their cars more.  What would be the effect of these two events on market for gasoline?

Answer

There would be an ambiguous change in both the price and the quantity.

Answer

There would be an increase in the price and the quantity.

Answer

There would be an ambiguous change in the price and a decrease in the quantity.

Answer

There would be an increase in the price and an ambiguous change in the quantity.

Crowdly

There is soon going to be a decrease in supply of oil and gas because of new str...

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