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A company announces a breakthrough technology that allows cars to burn natural gas at a much more higher efficiency than gasoline.

At the same time, several oil and gas producers release reports claiming that they expect their costs for extracting natural gas from the ground will drop 20% over the next year.

What do you expect to happen to the equilbrium for natural gas based upon the above statements?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91223227

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