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During the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the United States. At the beginning of 1974, some oil-producing countries imposed an oil embargo on the West. In the spring of 1974, price controls were abolished

If no price controls had been in place, the effect of the oil embargo on the equilibrium price and quantity of gasoline would have been

a. a decrease in both price and quantity.
b. an increase in both price and quantity.
c. a decrease in price and an increase in quantity.
d. an increase in price and a decrease in quantity.

Microeconomics, Economics

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