The market for gasoline has changed in a couple significant ways over the last few years: new technologies have decreased the costs associated with producing gasoline, and automobiles are becoming more fuel efficient. describe how these changes affect the supply of and demand for gasoline. what is the overall effect on equilibrium price?

In economics, supply and demand refers to a relationship between the amount of a ware that producers wish to offer at different costs and the amount that consumers wish to purchase.

Because of the way that automobiles are ending up more fuel proficient the general impact on the equilibrium cost of gasoline is that there will be a less need of gas required thus the cost will diminish or decrease. According to my thinking, it would be more beneficial to the economy due to the lesser degree a need however it would offer more gas because of the abatement in cost. Society utilizes different things that uses gas other than cars, for example, lawnmowers, tractors, bikes, and so on. So despite the fact that new advancements are diminishing the cost related with creating gas society still deliver items that utilizes fuel every day that will keep on having an impact on the equilibrium price overall.