8. Crude oil prices reached a high of $147.30 [2008 dollars] a barrel in July 2008.2 The spike in crude oil prices in the late 20005 led to a sharp increase in the price of gasoline. Consumers responded to the increase in gasoline prices by shifting their vehicle purchases towards vehicles with better fuel efciency (ex. hybrids]. On the supply side, rms made signicant technological advances that reduced the cost of producing the batteries used in hybrid vehicles. How did these factors affect the prices and quantities of hybrid vehicles sold in the late 20005 / early 20105? a) The price of hybrid vehicles increased, but the effect on the quantity is ambiguous. b) The price of hybrid vehicles decreased, but the effect on the quantity is ambiguous. c) The quantity of hybrid vehicles increased, but the effect on the price is ambiguous. d) The quantity of hybrid vehicles decreased, but the effect on the price is ambiguous