As a result of increased tensions in the Middle East, oil production is down by 1.21 million barrels per day - a 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small cars. The gasoline market will have:A. higher equilibrium prices and higher equilibrium quantity. B. lower equilibrium prices and higher equilibrium quantity. C. lower equilibrium prices and lower equilibrium quantity. D. higher equilibrium prices and lower equilibrium quantity. The small car market will have:A. higher equilibrium prices and lower equilibrium quantity. B. higher equilibrium prices and higher equilibrium quantity. C. lower equilibrium prices and higher equilibrium quantity. D. lower equilibrium prices and lower equilibrium quantity.
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